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NAFCU, CUs meet with Muzinich on economy, housing finance reform, more
Yesterday, NAFCU and several member credit unions met at the Treasury Department with Deputy Secretary Justin Muzinich to discuss results from the association's 2019 Annual Report on Credit Unions, data privacy, fintech, coronavirus, and regulatory efforts related to housing finance reform.
Attendees from NAFCU member credit unions, included:
- Thomas DeWitt – President/CEO, State Farm Federal Credit Union
- Richard Stafford – President/CEO, Tower Federal Credit Union
- James Kenyon – President/CEO, Whitefish Credit Union
- Jan Roche – President/CEO, State Department Federal Credit Union
- Lisa Schlehuber – CEO, Elements Financial Federal Credit Union
- Keith Sultemeier – President/CEO, Kinecta Federal Credit Union
- Debbie Calder – COO, Navy Federal Credit Union
- Chuck Purvis – President/CEO, Coastal Federal Credit Union
- Jim Hayes – President/CEO, Andrews Federal Credit Union
NAFCU has previously met with Treasury Department Secretary Steven Mnuchin and recently shared with him details about credit union-bank mergers. In November, NAFCU met at the Treasury Department with Bimal Patel, assistant secretary for financial institutions, to discuss housing finance reform, fintech, cybersecurity and more. The association also met last year with Treasury on its cybersecurity initiatives.
The coronavirus is a hot topic right now as the U.S. and world monitor its potential economic impact. Last week, NAFCU President and CEO Dan Berger was featured on CNN International to discuss how it might affect the economy. The association has also shared resources to ensure credit unions have appropriate business continuity plans in place.
On fintech, NAFCU in September shared with key agencies, including Treasury, its new whitepaper intended to chart a path toward regulatory coordination between traditional financial institutions and fintech companies. In coordination with the whitepaper, NAFCU has met with regulators to determine how the association can help the credit union industry embrace innovations and remain competitive. The Office of the Comptroller of the Currency is also within the Treasury Department and has created a fintech charter, which establishes a first-of-its-kind regulatory framework for fintech companies. The charter addresses many of NAFCU's recommendations regarding fintech supervision, such as equal application of consumer compliance expectations.
NAFCU issued its data privacy whitepaper outlining 6 key principles last December.
On housing finance reform, NAFCU is a leading advocate for credit unions as federal agencies and Congress work to reform the housing finance system. The Trump administration in September released housing finance reform plans from the Treasury Department and Department of Housing and Urban Development, which included a number of the association's priorities. Treasury coordinated its plan with the Federal Housing Finance Agency (FHFA); NAFCU works closely with FHFA Director Dr. Mark Calabria on these issues.
Ensuring access to affordable housing is a priority for regulators and Congress in housing finance reform, and a key part of that is ensuring an inclusive market that meets the needs of diverse communities. Credit unions play a key role in serving low-income and underserved communities and many are designated minority depository institutions (MDIs).
NAFCU has shared with Congress credit unions' commitment to diversity and serving communities in need, and is active in the NCUA's efforts to support MDIs and increase diversity, equity, and inclusion in financial services and the U.S. economy as a whole. Next week, the NCUA is hosting an MDI Forum that will feature a session at the Treasury Department (learn more here).