Newsroom
NAFCU's 2019 Fed Report outlines challenges, recommends relief for CUs
The 2019 NAFCU Report on Credit Unions is now available online, detailing the latest issues and trends affecting credit unions as the industry continues to grow and strengthen, despite regulatory burdens and challenges. Members of NAFCU's Board of Directors last week shared the results of the report during the association's annual meeting at the Federal Reserve.
"The credit union industry has seen an immense year of growth, despite ever-present regulatory and compliance challenges, with over 118 million Americans putting their trust in credit unions all over the country," said NAFCU President and CEO Dan Berger. "NAFCU is proud to serve as the industry's Washington Watchdog and looks forward to advocating on these issues in the coming year."
The latest edition of the report includes vital information on five key areas:
- credit union financial conditions and their role in the economy;
- credit union service to members;
- trends in credit union membership;
- NAFCU policy priorities; and
- financial technology.
Some of the highlights in the 2019 report include the following:
- credit unions are healthy and well-capitalized; however, compliance burdens have led to elevated merger rates among small credit unions;
- it is vital that credit unions retain reliable access to the secondary mortgage market;
- credit unions provide over $16 billion annually in benefits to the economy, and preserving the credit union tax exemption remains NAFCU’s top legislative priority;
- credit unions are accelerating investments in financial technology, but it is imperative that regulators provide greater legal clarity and a level playing field for highly-regulated institutions like credit unions (see NAFCU's fintech whitepaper for the association's regulatory recommendations);
- a primary concern of credit unions and their members continues to be ensuring that our nation's retailers have data security standards to protect consumers’ sensitive financial information; and
- credit unions continue to labor under the immense cumulative regulatory burden in the post Dodd-Frank era as the number of employees devoted to regulatory compliance has more than doubled since 2010.
In addition, the report highlights priorities for a healthy regulatory environment that are necessary for credit unions to thrive, and for which NAFCU is advocating.
The information compiled in the 2019 NAFCU Report on Credit Unions is based on the association's Federal Reserve Meeting Survey, an annual assessment of NAFCU members covering topics discussed in the report. The report also draws on data collected for NAFCU's Economic & CU Monitor and CU Industry Trends Report.
Share This
Related Resources
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Add to Calendar 2024-04-23 09:00:00 2024-04-23 09:00:00 Operational Agility: Key Factors for Success in 2024 and Beyond Listen On: Key Takeaways: [02:34] A lot of people think of fraud losses and they are very mindful of what that means for their organization and their bottom line but we are thinking about it from a cost perspective beyond that. [06:38] When you should engage has a lot to do with how long it would take to potentially replace your current service provider. [10:45] Sidecar is not your primary core solution but it is something that allows you to go to market maybe under a different brand or different set of technology. [15:21] Focus on the tech stack maybe a little bit more than you used to. Enable that tech stack to allow you to be agile going forward and you will be able to focus a lot more on the member than running an IT shop Download SRM's Focus on Operational Agility to Achieve Success in 2024 Report Web NAFCU digital@nafcu.org America/New_York public
Operational Agility: Key Factors for Success in 2024 and Beyond
preferred partner
Strategic Resource Management
Podcast
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.