August 14, 2013

Berger briefing DCUC on CU issues today

NAFCU President and CEO B. Dan Berger is in White Sulfur Springs, W.Va., today discussing the latest on tax reform and regulatory relief efforts, among other things, during the 50th annual conference of the Defense Credit Union Council.

Berger will be briefing the group on NAFCU's efforts to ensure lawmakers understand the importance of credit unions' federal corporate income tax exemption as they prepare to address broad tax reform this fall. He will also talk to the group about the progress of several bills introduced (one passed in the House already) that would implement key elements of NAFCU's five-point plan for comprehensive credit union regulatory relief. Among these are:

  • H.R. 688 and S. 968, introduced by Rep. Ed Royce, R-Calif., and Sen. Mark Udall, D-Colo., to raise the 12.25 percent-of-assets credit union member business lending cap to 27.5 percent;
  • H.R. 719, introduced by Reps. Peter King, R-N.Y., and Brad Sherman, D-Calif., to allow credit unions access to certain forms of supplemental capital;
  • H.R. 749 and S. 635, introduced by Rep. Blaine Luetkemeyer, R-Mo., and Sen. Sherrod Brown, D-Ohio, to ease the yearly requirement to mail privacy disclosure notices to consumers (the House has passed its bill);
  • H.R. 1553 and S. 727, introduced by Rep. Shelley Moore Capito, R-W.Va., and Sen. Jerry Moran, R-Kan., to require timely examination reports, codify exam standards and establish an independent appeals process; and
  • H.R. 2572, introduced by Rep. Gary Miller, R-Calif., to require establishment of a risk-based capital system for credit unions, permit NCUA to modify or delay some CFPB rules affecting credit unions, require NCUA and CFPB to perform cost/benefit analyses of rules and other regulatory relief measures.

NAFCU is encouraging its members to contact lawmakers during this month's recess to garner support for these measures; begin at NAFCU's online grassroots action center.