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New members bolster NAFCU heading into Caucus
NAFCU consistently works to set the record straight on the differences between credit unions and banks as the banking industry continues to lobby to have their requirements relaxed while trying to put the requirements on credit unions. At this year's Congressional Caucus, NAFCU will be heading to Capitol Hill with hundreds of credit union executives and volunteers, ensuring the industry's voice is heard.
The association has repeatedly shared with lawmakers that credit unions have not engaged in the illegal and discriminatory practices of banks, including redlining, because credit unions were established to offer provident credit to any member in their field of membership (FOM). And this year, NAFCU will be taking its members, including dozens of credit unions that have recently joined NAFCU, to meet with the legislators who have an impact on the outcomes of these issues.
As the industry's Washington Watchdog, NAFCU has focused on issues that will provide an environment for credit unions to grow. As the industry has grown, so has NAFCU's base.
In the past six years, NAFCU has seen its membership grow 37 percent. The most recent NCUA call report data showed that NAFCU member credit unions have $755 billion in assets and provide financial services to 55 million Americans. It's this growth – and strength – that the association and its members will showcase on Capitol Hill during Congressional Caucus.
The entire credit union industry now serves more than 117 million Americans, and new members join each day because they recognize the credit union difference. As non-profit, cooperative financial institutions, credit unions' profits are shared among members rather than shareholders. See what else sets credit unions apart from banks.
In addition to defending the industry and its mission to serve underserved communities, NAFCU's advocacy efforts have focused this year on creating a regulatory environment in which all credit unions can thrive, including leading efforts to:
- delay the current expected credit loss (CECL) standard;
- give the NCUA greater flexibility in setting loan maturity limits;
- exclude veterans' loans from the member business loan cap;
- modernize the federal credit union bylaws and FOM rules; and
- establish a level playing field among fintechs.
While progress has been made toward a deregulatory environment that encourages growth, more work needs to be done. Congressional Caucus is a great way to put in the work as it brings together hundreds of credit union representatives to advocate on behalf of the industry, their local communities and their individual institutions. See the strong lineup of key administration officials, lawmakers and regulators.
It also allows to talk directly with their representatives and senators with meetings on Capitol Hill. During these meetings, credit unions are encouraged to share how proposed laws and regulations will affect their operations – whether it be an improvement or additional burden – and how that ultimately impacts how many loans they can provide to small businesses or new mobile banking features they can roll out.
Join NAFCU at Congressional Caucus to see its award-winning and results-driven advocacy in action – a reason why credit unions continue to join the association year after year.
Interested in becoming a NAFCU member? Check out the benefits of membership and contact NAFCU Vice President of Membership Catherine Safady for more information.