NAFCU secures key wins in 2022, continues advocacy
As credit unions’ voice in Washington, NAFCU strives daily to provide the industry with unwavering federal advocacy, award-winning compliance assistance, and top-rated education resources. With the support of credit union members, the association secured several key wins in 2022 and continues to fight for more.
- Credit Union Governance Modernization Act: Congress passed this legislation as part of a larger spending package earlier this year that allows credit unions to more easily expel members who pose a threat to credit unions and their employees. NAFCU has long advocated for this modernization and the association continues to engage the NCUA on this issue as it works to implement the law.
- Community Development Financial Institutions (CDFIs): Noting the impact CDFI-certified credit unions have on local communities, NAFCU has called on Congress to provide more funding and a better CDFI certification process to help financial institutions, especially credit unions, better support underserved areas. The Biden Administration recently announced an investment of $8.28 billion in support of CDFIs and minority depository institutions (MDIs) and legislation to strengthen CDFIs’ access to long-term capital have been advanced in Congress. The association also provided testimony before the Senate Banking Committee on these issues and continues to raise awareness – including in a recent meeting with the White House Office of Public Engagement – on the need for better communication and a streamlined application process from the CDFI Fund.
- Defending against bad policies: Throughout 2022, the association fought back against bankers’ attacks continuing efforts under the award-winning Big Bank Bullies campaign to highlight the difference between community-focused credit unions and profit-seeking banks. NAFCU also continues to advocate against legislative efforts that would negatively impact credit unions, such as extending debit interchange routing requirements to credit cards, as well as granting the NCUA with third-party vendor authority.
- Supporting good policies: NAFCU’s advocacy has led to several bill introductions that would benefit the credit union industry, including the bipartisan Credit Union Board Modernization Act that would revise outdated requirements related to credit union board of directors meetings, legislation to allow all types of credit unions to add underserved areas to their fields of membership, the SAFE Banking Act to provide clarity for providing financial services to state-authorized marijuana-related businesses, and legislation to make permanent enhancements to the Central Liquidity Facility.
In addition to these advocacy accomplishments, the association’s Compliance Team has answered nearly 6,000 compliance questions this year and published more than 160 blog posts, articles, charts, guides, and tools totaling more than 1,200 pages of compliance resources. NAFCU also hosted 13 in-person and virtual events and provided more than 18,000 hours of content to more than 2,700 credit union professionals through its Online Training Center.
Read more about the association’s 2022 accomplishments and stay tuned to NAFCU Today for ongoing efforts to have credit union priorities addressed as Congress works to pass end-of-year legislation.
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