NAFCU advocacy pursuing growth, innovation, level playing field
With the leadership of the NAFCU Board of Directors, NAFCU is kickstarting 2023 with a renewed set of advocacy priorities aimed at strengthening the credit union industry and ensuring it can effectively meet the current and future needs of its 134 million members. The association secured several wins for credit unions in 2022; here’s a look at NAFCU’s 2023 priorities to continue to build on that momentum.
- Growth: NAFCU advocates for a legislative and regulatory environment that allows credit unions to grow so they can serve more Americans and the Main Street small businesses they rely on. The association is focused on preserving the credit union tax exemption, reforming policies related to field of membership and housing to better serve local communities, modernizing outdated provisions of the Federal Credit Union Act, strengthening the Community Development Financial Institution (CDFI) Fund, and fighting against efforts that could minimize credit unions’ impact.
- Technology and Innovation: As consumers look for innovative ways to easily and effectively manage their finances, NAFCU is working to ensure credit unions can meet these needs through strong technology investments and partnerships. The association is supportive of real-time/faster payments and the FedNow program, blockchain utilization, and reasonable oversight of AI and machine learning technology. NAFCU will continue to oppose NCUA efforts to obtain third-party vendor examination authority as this will result in unnecessary costs and burdens on credit unions.
- Regulatory Relief: NAFCU continues to seek regulatory relief and clear rules of the road. The association supports the NCUA as the credit union industry’s primary, independent regulator, and efforts to reform the CFPB. NAFCU will advocate against laws and regulations intended to address bad actors that place unfair burdens on credit unions, oppose frivolous litigation and restrictions that hinder credit unions’ ability to serve members, and seek exam modernization and consistency.
- Fair Market: Maintaining a level playing field among fintechs and other financial institutions is key to ensuring credit unions can compete in the market. The association is fighting for increased supervision of fintechs and non-depository financial institutions, accountability and appropriate liability related to fraud and error resolution responsibilities, and flexibility and opportunity within member business lending. NAFCU will also continue to set the record straight against big bank attacks.
- Data Protection: NAFCU has long advocated for a comprehensive federal data privacy and security standard that recognizes existing regulatory requirements for credit unions. The association will continue to call for increased cybersecurity coordination among regulators and agencies and oppose overreach in data collection requirements.
With the 118th Congress being sworn in today, NAFCU’s advocacy team will be on Capitol Hill with new and returning members to keep credit union priorities top of mind.
Download a summary of NAFCU’s 2023 advocacy priorities and stay tuned to NAFCU Today for the latest out of Washington.
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