Newsroom

March 28, 2018

NAFCU launches CU effort on reg relief, data security, RBC

With the House and Senate at home for a two week district work period, NAFCU is launching a grassroots effort to encourage credit unions to set up meetings with their representatives and senators and talk about issues critical to the industry.

In an email to members yesterday, NAFCU Vice President of Legislative Affairs Brad Thaler encouraged credit unions to contact their legislators to discuss data security, regulatory relief and the NCUA's risk-based capital (RBC) rule.

Here is additional information about NAFCU's position on the issues:

  • Data Security: NAFCU continues to push for Congress to pass a strong national data security standard for retailers that would hold them to the same standards credit unions already follow under the Gramm-Leach-Bliley Act (GLBA). The association has been active on Capitol Hill as Reps. Blaine Luetkemeyer, R-Mo., and Carolyn Maloney, D-N.Y., work to introduce legislation that would create a national standard.
  • Regulatory Relief: Creating a regulatory environment that allows credit unions to grow is one of NAFCU's priorities. The Senate recently passed NAFCU-backed legislation – the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) – and the House, led by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, is expected to try to add more bipartisan regulatory relief measures to the package before the House takes a vote on the bill.
  • RBC Rule: Over the past three years, the association has consistently opposed the NCUA's RBC rulemaking and urged its withdrawal because of the adverse effects it would have on the credit union industry – particularly as a result of regulatory burdens and costs. The association is encouraging credit unions to urge their representatives to support at least a delay of the RBC rule.

Thaler, in the email, also highlighted four key ways to engage with lawmakers during congressional district work periods – NAFCU's Grassroots Action Center has all resources credit unions need available, including contact information and background information on legislative issues.