July 24, 2014

NAFCU advocacy team updates A.C. attendees

July 25, 2014 – NCUA's risk-based capital proposal, interest-rate risk, CFPB, housing finance reform and more were discussed during a panel discussion Thursday with members of NAFCU's government affairs team at the association's Annual Conference and Solutions Expo.

Panel participants included Senior Vice President of Government Affairs and General Counsel Carrie Hunt, Vice President of Legislative Affairs Brad Thaler, Vice President of Political Affairs Katie Marisic, Director of Regulatory Affairs Mike Coleman and Director of Legislative Affairs Jillian Pevo. Throughout the Q&A discussion, NAFCU's government affairs team reiterated the association's commitment to ensuring the interests of credit unions – urging regulatory relief from regulators and Congress and continuing to protect the industry's tax exemption.

The panel discussion opened with talks of NCUA's risk-based capital proposal. Coleman reiterated NAFCU's stance that NCUA needs to readdress the proposal's risk weights and the individual minimum capital requirement, plus give the industry at least three years to implement any final rule.

Thaler discussed Congress' reaction to the proposal, including the letter sent to the agency that was signed by 324 member of Congress. "Members of Congress know that credit unions fared well during the financial crisis so they are wondering why they need additional rules," Thaler said.

Marisic discussed the political environment leading up to this year's elections. She highlighted some races affecting credit union friends in Congress, including Reps. Ed Royce, R-Calif., Ed Permutter, D-Colo., John Barrow, D-Ga., and, running for Senate seats, current Reps. Shelley Moore Capito, R-W.Va., and Gary Peters, D-Mich. Marisic also noted Sen. Mark Udall, D-Colo., who faces a tight reelection race.

Pevo discussed the status of housing finance reform, noting that NAFCU is staying vigilant to ensure credit unions maintain access to the secondary mortgage market and retain fair pricing based on loan quality. She said time is running out for Congress to act on housing finance reform this year, but the issue won't be going away.

Other issues addressed included member business lending, data security and payments systems.