February 27, 2013

NAFCU meets with trades, corporates

The NAFCU Executive Committee and senior staff participated in a series of meetings Tuesday with CUNA, corporate credit unions and NASCUS to collaborate on legislative, regulatory and economic issues affecting the credit union industry.

NAFCU President and CEO Fred Becker said the sessions were a valuable opportunity to discuss key issues and concerns shared by all involved. "Credit unions are working under an unprecedented and still-growing burden of regulation," said Becker. "It will take all our voices to effect the kind of change we need to ensure credit unions the tools and flexibility they need to survive and thrive in this evolving marketplace."

The NAFCU and CUNA executive committees, with senior staff attending, met Tuesday in Washington to share information from Capitol Hill and the regulatory agencies of importance to credit unions. Among the key issues addressed:

  • preservation of the credit union federal corporate income tax exemption – NAFCU's number one priority;
  • the need for broad regulatory relief such as that provided in NAFCU's five-point plan;
  • H.R. 688, to increase the credit union member business loan cap, and prospects for Senate legislation;
  • H.R. 719, to provide for supplemental capital;
  • ongoing concerns among credit unions regarding NCUA examinations and prospects for an exam fairness bill this Congress;
  • pending regulations on CUSOs, loan participations;
  • the Central Liquidity Facility and NCUA's proposed emergency liquidity rule for credit unions;
  • NCUA's growing budget;
  • the CFPB's remittance rule;
  • mortgage rules.

NAFCU's executive committee members and staff met later with several corporate credit unions to discuss issues such as corporates' capital requirements, CLF subscriptions and merger issues.

The NAFCU-NASCUS meeting also focused on the tax exemption as well as the overall political landscape and prospects for regulatory relief. The groups discussed their ongoing commitment to reducing credit unions' regulatory burden and helping to prevent regulatory "creep" at NCUA.