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Almost 400 credit unions have become new NAFCU members in the past three years, a testament to the association's commitment to creating a regulatory environment in which credit unions can thrive and providing the industry with the tools it needs to succeed.

As the industry's Washington Watchdog, NAFCU works daily to advocate for credit union priorities with administration officials, lawmakers and regulators, and keeps members informed of trends and new regulations that could impact their operations.

In 2018 alone, NAFCU and the industry have made progress on a number of priorities. Here are a few highlights:

Regulatory relief

NAFCU in February secured the credit union industry's first meeting with President Donald Trump at the White House, which was attended by NAFCU-member credit union CEOs. This meeting helped ensure the president's support of the NAFCU-backed Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), which was enacted in May.

S. 2155 is the largest regulatory relief package to be enacted since the Dodd-Frank Act and includes a number a positive provisions for credit unions, including relief under the Home Mortgage Disclosure Act (HMDA) reporting requirements and member business lending exemptions. NAFCU will use S. 2155 as a building block for more relief on issues such as extended exam cycles and credit scoring.

The association has also secured relief for credit unions under the NCUA's risk-based capital (RBC) rule. Last month, the NCUA Board approved a one-year delay of its risk-based capital (RBC) rule after NAFCU's advocacy for relief under the rule gained traction on Capitol Hill (the House passed a two-year delay provision three times). The association continues to work with Senate and House leaders to obtain a longer delay, arguing that the NCUA's delay "does not fully address all of the industry's concerns with the RBC rule."

Congressional testimonies

NAFCU witnesses have testified before 11 congressional panels during the 115th Congress. NAFCU witness Sonya McDonald testified before the House Small Business Committee in January on the importance of strengthening the Small Business Administration's (SBA) 7(a) loan program – a loan program widely used by credit unions to support their local communities. NAFCU-supported legislation to strengthen oversight of the program was signed into law in June and the association continues to work with the SBA to increase credit unions' participation in the agency's programs.

Also in June, NAFCU witness John Lewis testified before a House Financial Services subcommittee about the need for further guidance on regulators' risk-management expectations and suggested a safe harbor be put in place to ease credit unions' filing compliance burdens with Bank Secrecy Act (BSA) and anti-money laundering (AML) requirements. Lewis also shared concerns related to remittance requirements. Obtaining BSA relief is a priority for NAFCU yet this year.

Litigation support

Credit unions across the country over the past two years have faced demand letters and lawsuits claiming they are noncompliant with website accessibility requirements under the Americans with Disabilities Act (ADA). NAFCU has been active on this issue over the past year and has also engaged with the Justice Department and Congress to provide guidance. In September, a group of senators – led by Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa – sent a NAFCU-sought letter to the Justice Department urging that it provide clarity on this issue.

In addition, the association has filed 16 amicus briefs in seven different states to support credit unions targeted by ADA website accessibility litigation, and has also attended oral arguments. So far, seven of the complaints in which NAFCU has supported the credit union have been dismissed. It has also supported two credit unions at the federal appellate level.

NAFCU has also offered support to credit unions facing litigation related to overdraft fees and alleged infringement to remote deposit capture patents.

More industry accomplishments achieved by NAFCU and credit unions this year can be read here.