NAFCU’s award-winning industry experts offer insight on regulatory and legislative landscapes in 2019
The financial services industry saw significant progress made on regulatory relief efforts in 2018. A meeting between President Donald Trump and credit union leaders — secured by NAFCU — helped ensure his support for S. 2155, the most substantial relief package to be enacted since the Dodd-Frank Act. Regulatory agencies, including the National Credit Union Administration (NCUA) and Bureau of Consumer Financial Protection (“the bureau”; previously the CFPB), prioritized modernizing rules and reconsidering those that have proven to be especially burdensome.
Heading into 2019, NAFCU remains committed to its five tenets, which include:
- creating a legislative and regulatory environment that allows credit unions to grow;
- seeking appropriate, tailored rules for credit unions and both legislative and regulatory relief from growing burdens;
- ensuring a fair playing field — through regulatory and legislative processes — so credit unions have as many opportunities as banks and nonregulated entities to offer provident credit to the nation’s consumers;
- supporting transparency and independent oversight of all regulators, including the bureau; and
- maintaining a strong, independent NCUA as the primary regulator for credit unions.
There remain opportunities for the industry to see more relief this year — especially from regulators, while it could be hard to pass legislation in a split-party Congress — as well as opportunities for credit unions to take advantage of new technologies and trends. As NAFCU continues its award-winning advocacy ef orts to realize a positive regulatory environment for the industry, the association’s government affairs team has insight on key issues credit unions should be aware of this year.
From the January-February 2019 edition of The NAFCU Journal magazine.
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