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Despite challenges posed by the coronavirus pandemic, NAFCU – as the credit union industry's leading federal advocate – kept in close contact with key decision makers in Washington throughout 2020 to ensure credit unions' voices were heard and priorities were addressed at the highest levels of government.

In 2020, the association secured numerous meetings – both in person before the pandemic hit and virtually – to discuss issues related to regulatory relief, examinations, small business lending, and more. In addition, NAFCU submitted several comment letters on these issues and more. Here's a look at some of the agencies and officials NAFCU and credit unions met with this year:

2020 Election

NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt, Vice President of Legislative Affairs Brad Thaler, Vice President of Research and Chief Economist Curt Long, and Director of Regulatory Affairs Ann Kossachev held a call with the Biden-Harris transition team's financial agencies group following the election to discuss regulatory and legislative issues credit unions would like addressed in the new administration. Prior to the election, NAFCU sent the Biden and Trump campaigns information on the credit union difference and key issues to ensure each were aware of credit unions' priorities.

Congress

NAFCU kicks off each year by visiting Capitol Hill to meet new and returning lawmakers, and to follow up on the association's annual priorities that it sends to congressional leaders. Association leaders met with members that serve on the Senate Banking Committee and House Financial Services Committee, and NAFCU President and CEO Dan Berger and Thaler also met with House Financial Services Committee Chairwoman Maxine Waters, D-Calif., in February to discuss her priorities for the committee and those of credit unions.

As coronavirus relief programs took effect, Berger in May briefed the House Financial Services Committee on credit unions' challenges with the Small Business Administration's (SBA) paycheck protection program (PPP). Throughout the year, NAFCU consistently fought for credit unions' ability to access PPP funds to serve their small business members impacted by the coronavirus pandemic.

Earlier this month, several Ohio-based NAFCU-member credit unions joined the association for a meeting with Senate Banking Committee Ranking Member Sherrod Brown, D-Ohio. The group discussed PPP, Bank Secrecy Act (BSA)/anti-money laundering (AML) reforms included in the fiscal year 2021 National Defense Authorization Act (NDAA), and more. In addition, Pennsylvania-based credit unions joined NAFCU for a meeting last month with Senate Banking Committee Member Pat Toomey, R-Pa., to discuss business lending and housing finance reform.

In addition, several lawmakers joined NAFCU for its Virtual Congressional Caucus in September, including Waters and House Financial Services Committee Ranking Member Patrick McHenry, R-N.C., members from the bipartisan Problem Solvers Caucus, Senate Minority Leader Chuck Schumer, D-N.Y., Senate Banking Committee Chairman Mike Crapo, R-Idaho, and Brown.

NCUA

NAFCU has a strong working relationship with the NCUA Board and its internal offices as it fights for an appropriate regulatory environment for the credit union industry. Here are some highlights from meetings this year:

• NCUA Board Chairman Rodney Hood: Hood in February visited NAFCU headquarters for a meeting with Berger and other senior staff to discuss capital reform, the current expected credit loss (CECL) standard, data privacy, and more. As the coronavirus pandemic began and progressed, Berger and Hood met again in May to discuss the PPP and exam relief, as well as in November to talk issues related to capital, the share insurance fund, and more. Hood also joined the association for its Q1 Member Call-In, State of the Industry virtual event, and Virtual Congressional Caucus to provide updates on the agency's COVID-19 relief efforts and the industry's safety and soundness.
• NCUA Board Member Todd Harper: Harper and Berger spoke in April about the coronavirus pandemic's impact on credit unions, programs available to support members, and the need for examination flexibility. The two had another conversation in October about the share insurance fund, investment authorities, field of membership reforms, exams, and more. Harper also joined NAFCU for its Congressional Caucus in September and a call in July with the association's Regulatory and Legislative Committees.
• Office of National Examinations and Supervision (ONES): NAFCU has long advocated for examination modernization with the NCUA and kicked off the year meeting with ONES Director Scott Hunt to discuss its plans for 2020. As the coronavirus pandemic forced the NCUA to conduct more exams virtually, NAFCU met with Hunt again in July and Hunt joined the association for its Large Credit Union Summit in October to provide updates on exam relief and the impact of the crisis on the industry.

Federal Agencies and Departments

In addition to working closely with the NCUA and lawmakers, NAFCU has built relationships throughout the federal government. In 2020, NAFCU met with:

• CFPB Director Kathy Kraninger: Throughout the year, NAFCU urged the CFPB to provide regulatory relief and in April and June held a calls with Kraninger to outline specific issues that would help credit unions better serve members impacted by the pandemic. Following the calls, the CFPB took action on several issues NAFCU had asked for, including supporting the association's call for an expedited ruling from the Federal Communications Commission (FCC) to ensure financial institutions could contact consumers with pandemic-related messages and providing relief related to e-sign requirements. Kraninger also gave updates at NAFCU's Congressional Caucus on its small business lending data collection and qualified mortgage rulemakings.
• Export-Import Bank (EXIM) President and Chairman Kimberly Reed: NAFCU in July signed a two-year memorandum of understanding (MOU) with EXIM aimed at increasing credit unions' awareness of export financing opportunities offered by the agency. Berger and Reed signed the agreement during a socially-distanced meeting at NAFCU's headquarters.
• SBA Administrator Jovita Carranza: NAFCU was in constant communication with the SBA throughout the year as the agency launched the PPP to ensure credit unions could provide loans to business members with the resources and guidance needed to do so effectively. Carranza touted credit unions' participation in the PPP during NAFCU's Congressional Caucus.
• Federal Reserve Board Governor Michelle Bowman: The NAFCU Board of Directors earlier this month held its annual meeting with the Fed, virtually meeting with Bowman to share insights into industry trends and its response to the coronavirus pandemic.
• Federal Communications Commission: As NAFCU continues to seek modernization and improvements under the Telephone Consumer Protection Act (TCPA) related to call blocking, the association met several times throughout the year with FCC commissioners and staff, including this month.
• Treasury Department: NAFCU and several credit unions in February met with Treasury's Deputy Secretary Justin Muzinich to discuss industry trends, data privacy, fintech, housing finance reform, and the coronavirus pandemic's potential impact as it was just beginning to spread in the U.S. During the meeting, NAFCU also advocated for the elimination of the Fed's six-per-month transfer limit between savings and checking accounts under Regulation D, which the Fed - heeding NAFCU's calls -  removed earlier this year.
• Federal housing agencies: As a leader in fighting for credit union priorities in housing finance reform efforts, NAFCU maintained its strong working relationship with federal housing regulators. NAFCU sought relief for mortgage servicers and discussed other coronavirus relief measures during a call with Federal Housing Finance Agency Director Dr. Mark Calabria in April, and also shared the negative impacts the adverse market refinance fee could have on credit unions and obtained a delay of its implementation. Calabria also provided an update on the agency's efforts during NAFCU's Congressional Caucus, as did Department of Housing and Urban Development Deputy Secretary Brian Montgomery. NAFCU also met with Montgomery earlier this month to discuss housing finance reform issues.
• Financial Accounting Standards Board (FASB): Berger met with new FASB Chair Rich Jones in September to reiterate NAFCU's call for credit unions to be exempted from the CECL standard and discuss the possible extent of its impact on credit union capital and net worth classifications. NAFCU will continue to seek an exemption and additional relief for credit unions under the standard.

As the association prepares to launch its 2021 priorities, credit unions can feel confident that NAFCU will continue to fight for the industry's best interests as it works to achieve a regulatory environment in which credit unions can thrive. Stay tuned to NAFCU Today for updates and insights into its meetings with key decision makers in Washington.