NAFCU's Thaler details CU priorities as Congress considers gov’t funding
In a letter sent Monday, NAFCU's Brad Thaler outlined credit union priorities for the House and Senate as they consider an end-of-year government funding package and conclude legislative work for the 117th Congress.
Thaler, NAFCU’s vice president of legislative affairs, expressed strong opposition against any effort to expand NCUA examination authority over credit union third-party vendors. The association has advocated fiercely against these efforts, noting that although NAFCU believes in a strong NCUA, the association also believes that the agency “should stay focused on where its expertise lies—regulating credit unions.”
Thaler also reiterated opposition to any extension of debit interchange routing requirements to credit cards, as proposed in the Credit Card Competition Act (CCCA).
“This change would function as a backdoor price control on credit card transactions and would affect financial institutions of all sizes, regardless of the proposed exemption, and could greatly increase fraud costs as merchants select cheaper but less secure networks to process transactions,” wrote Thaler.
NAFCU will continue to set the record straight on interchange; credit unions can continue to use NAFCU’s Grassroots Action Center to speak out against the CCCA by sending a message to their lawmakers requesting them to oppose the harmful legislation.
In addition, Thaler offered support for passage of the bipartisan, NAFCU-backed Secure and Fair Enforcement (SAFE) Banking Act. In a recent op-ed for CUInsight, NAFCU President and CEO Dan Berger urged lawmakers to pass the bill, as it has “broad bipartisan, industry, and public support” and would end the year with a “commonsense win.”
Thaler also offered support for:
- H.R. 3958, the Central Liquidity Facility Enhancement Act, and S. 5183 that would make improvements to the Central Liquidity Facility (CLF);
- H.R. 6889., the Credit Union Board Modernization Act; and
- greater transparency from the Community Development Financial Institutions (CDFI) Fund.
Read Thaler’s full letter. Funding for the government is set to expire this Friday, Dec. 16; NAFCU will monitor congressional movement and update credit unions on the status of funding via NAFCU Today.
Growth & Retention
Add to Calendar 2023-09-22 14:00:00 2023-09-22 14:00:00 Understanding Credit Card Portfolio Sales & Agent Programs Both credit union and bank credit card issuers are under intense pressure from various sources, including competitor innovation, significant internal resource commitments, increasing operating expenses, uncertain regulatory and economic environments and a variety of capital and liquidity constraints. This has led to about 80% of all banks offering credit cards under an ‘agent issuing’ model, where a third-party issues credit cards under the financial institution’s name. While hundreds of credit unions do the same, and interest in this option has increased in the last two years, the majority of credit unions still own and manage this product themselves. Deciding whether this option can meet strategic, financial and member needs can be difficult to untangle. In this webinar, Understanding Credit Card Portfolio Sales & Agent Programs, you’ll delve into the structure of such programs, the financial and risk-profile impacts of such a decision, the contractual commitments required of both parties and discover evaluation tips and processes for any credit union that would like to evaluate this path. Key Takeaways Discover the structure of the agent issuing concept and obligations of both parties Understand the financial impact of entering such a program to the balance sheet, income statement, and critical performance ratios Ascertain the impacts to members, including both positive and negative possibilities Review the accompanying contractual structures and key considerations Develop an evaluation process that best protects the credit union’s financial and other outcomes 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 September 22, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend COOs CFOs NCCOs and compliance titles NCRMs and risk titles General counsel staff Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Senior Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
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