NAFCU highlights key issues, priorities for regulators
As NAFCU moves forward with its 2021 advocacy priorities, NAFCU President and CEO Dan Berger Tuesday sent key federal agencies and administration officials an outline of the priorities and issues the association and credit unions will be focused on to achieve a healthy regulatory environment.
NAFCU launched its 2021 advocacy priorities this week as the 117th Congress was sworn in. Berger has shared these priorities with congressional leadership and House and Senate members, and also further detailed the association's strategy in a Credit Union Times op-ed.
Here's a look at some of the issues Berger identified for each agency:
- NCUA: In the letter to NCUA Chairman Rodney Hood, Vice Chairman Kyle Hauptman, and Board Member Todd Harper, Berger said the association will continue to fight for the NCUA to be credit unions' sole regulator, including on issues related to data protection. NAFCU will also keep up its support of capital reforms and modernizing the examination process, among other NCUA improvements.
- CFPB: NAFCU consistently advocates for the bureau to provide credit unions with regulatory relief, and Berger highlighted in the letter to CFPB Director Kathy Kraninger that can be achieved with additional clarity and streamlining of regulations, including under the unfair, deceptive, or abusive acts or practices (UDAAP) rulemaking.
- Federal Housing Finance Agency (FHFA): As a leader in fighting for housing finance reform that ensures credit unions' unfettered access to the secondary mortgage market and other protections for the industry, Berger called for policies that support borrowers and community institutions in the letter to FHFA Director Dr. Mark Calabria. Berger also reiterated NAFCU's support for strong capital frameworks for the government-sponsored enterprises (GSEs) and efforts to keep the housing finance system resilient in the aftermath of the coronavirus pandemic.
- Department of Housing and Urban Development (HUD): Berger, in the letter to HUD Secretary Ben Carson, again highlighted NAFCU's call for housing finance policies to support credit union mortgage servicers and borrowers.
- Federal Reserve: Berger thanked the Fed for heeding NAFCU's longstanding call to eliminate the Regulation D transfer limit last year, which has already offered relief to credit unions and their members during the pandemic. Looking ahead, Berger flagged for Fed Chairman Jerome Powell the need to establish appropriate regulations for non-traditional, non-bank entities that are seeking access to the nation's financial system to ensure financial stability and consumer protections.
- Treasury Department: In the letter to Treasury Secretary Steven Mnuchin, Berger reiterated NAFCU's call for an exemption or additional relief under the current expected credit loss (CECL) standard and urged Treasury to monitor the potential negative impacts of the standard as its implementation begins.
- U.S. National Economic Council (NEC): In the letter to NEC Director Larry Kudlow, Berger again stressed the need to establish appropriate regulations for non-bank entities in the financial system.
Stay tuned to NAFCU Today as the association continues to fight for regulatory relief for the credit union industry.