August 22, 2017

CU leaders, NAFCU staff discuss CU issues with Treasury's Mnuchin

Leaders from several NAFCU-member credit unions, with the association's Dan Berger and Carrie Hunt, met with Treasury Department Secretary Steven Mnuchin on Tuesday to discuss tax reform, housing, lending and regulatory relief.

NAFCU member leaders that attended the meeting include Richard L. Harris, NAFCU Board chair and president and CEO of Caltech Employees Federal Credit Union (La Canada, Calif.); Jan N. Roche, NAFCU Board member and president and CEO of State Department Federal Credit Union (Alexandria, Va.); and Lynette Smith, president and CEO of Washington Gas Light Federal Credit Union (Springfield, Va.).

In addition to NAFCU's Berger, president and CEO, and Hunt, executive vice president of government affairs and general counsel, Tuesday's meeting included NAFCU Vice President of Research and Chief Economist Curt Long, Director of Regulatory Affairs Alexander Monterrubio and Associate Director of Legislative Affairs Allyson Browning.

During the meeting, NAFCU and its member leaders discussed the association's ongoing priorities and concerns by highlighting the tax study NAFCU released earlier this year detailing the value credit unions' tax exemption provides to the industry and the overall economy. They also reiterated the association's core principles for housing finance reform for inclusion in any final reform measures.

Regarding credit unions' regulatory burden, NAFCU staff and member leaders shared the association's current efforts and goals for rolling back certain Dodd-Frank Act measures that have had a negative impact on the industry and noted Treasury's recent report addressing possible relief for credit unions and banks. The Treasury report, released in June, cites NAFCU's Annual Report on Credit Unions multiple times. Included, among other items, are recommendations for a review of credit union capital requirements and the "current expected credit loss" accounting standard.

NAFCU also reiterated its long-standing positions on credit unions' member business lending needs and that the industry should not be under the oversight of the CFPB.