This week: CUs encouraged to contact lawmakers on key issues
The House and Senate are on a two-week recess and NAFCU is encouraging credit unions to contact their lawmakers to discuss critical industry issues, such as data security, Small Business Administration (SBA) loan fees, loan maturity limits and more. The association will continue its award-winning advocacy efforts on Capitol Hill on these issues, and will also monitor the NCUA Board meeting Thursday.
NAFCU Vice President of Legislative Affairs Brad Thaler, in an email to member credit unions last week, outlined four key ways for credit unions to engage with their lawmakers during the congressional district work period:
- arrange for a representative or senator to make a personal visit to the credit union;
- attend town hall meetings or roundtable discussions;
- write lawmakers and urge them to support key legislative efforts; and
- communicate with lawmakers via their social media channels.
In recent weeks, NAFCU has advocated for:
- Telephone Consumer Protection Act (TCPA) reforms that protect credit unions' ability to contact members;
- giving the NCUA greater flexibility in setting loan maturity limits under the Federal Credit Union Act;
- strengthening credit unions' participation in SBA lending and protecting lenders and borrowers from increased fees;
- more guidance on the current expected credit loss (CECL) standard;
- protecting consumers from banks that are still too big to fail; and
- not extending Community Reinvestment Act (CRA) regulations to credit unions.
During its meeting Thursday, the NCUA Board is set to issue an advanced notice of proposed rulemaking (ANPR) related to compensation in connection with loans to members. This will be the first board meeting with Rodney Hood as chair and Todd Harper as a board member. Read more about the issue here.
Also happening this week:
- NAFCU Chief Economist and Vice President of Research Curt Long and leaders from NAFCU member credit unions will meet tomorrow with the Federal Reserve Bank of Minneapolis;
- tomorrow, NAFCU is offering a free webinar on SBA One – the agency's rule-based loan origination platform (learn more and register here); and
- Wednesday, NAFCU is offering a free webinar to help those interested in obtaining the NAFCU Certified Volunteer Expert (NCVE) designation prepare for the exam (learn more and register here).
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