January 05, 2018

This week: NAFCU launches 2018 priorities on Capitol Hill

As the House and Senate are both now back in session, NAFCU today will launch its 2018 priorities on Capitol Hill identifying the top credit union issues before Congress this year. NAFCU unveiled its 2018 priorities last week, which will guide the association in its role as the credit union industry's top Washington watchdog.

In the letter to top congressional leaders, NAFCU President and CEO Dan Berger outlines the top legislative tenets and priorities identified by the NAFCU Board, which is made up of credit union CEOs from across the country. The priorities include:

  • creating a regulatory environment that allows credit unions to grow by addressing issues such as housing finance reform, field of membership, risk-based capital reform and continuing to defend the credit union tax exemption;
  • reducing the regulatory burden and creating appropriate, tailored regulations for credit unions by increasing the CFPB's use of its exemption authority and addressing issues such as member business lending and the unfair, deceptive, or abusive acts and practices (UDAAP);
  • ensuring a fair playing field for all similarly situated depositories by repealing the Durbin Amendment, passing national data security legislation and regulating fintechs;
  • increasing government transparency and accountability by reforming the CFPB's structure to a bipartisan commission and returning stabilization assessment monies to credit unions; and
  • maintaining the NCUA's independence by exempting credit unions from CFPB authority and keeping the agency out of the congressional appropriations process.

NAFCU and its members will build upon the achievements of 2017 and maintain its advocacy efforts both on Capitol Hill and through local grassroots action to ensure a legislative and regulatory environment in which credit unions can thrive.

The House Financial Services Subcommittee on Financial Institutions and Consumer Credit will review some regulatory relief measures supported by NAFCU during a hearing Tuesday, including:

  • the Community Financial Institutions Act (H.R. 1264), which would raise the CFPB exemption for community financial institutions to $50 billion in consolidated assets; and
  • the Home Mortgage Reporting Relief Act of 2017 (H.R. 4648), which would push the effective date for data collection under the Home Mortgage Disclosure Act (HMDA) until Jan. 1, 2019, and the reporting deadline until Jan. 1, 2020. It also prohibits the CFPB from publicly publishing any information collected under HMDA except in an aggregate form.

Also happening this week:

  • Today is the last day to submit responses to this month's Economic & CU Monitor survey on the CFPB outlook; responses can be submitted online.
  • The Senate Banking Committee on Tuesday will hold a hearing on opportunities to reform and strengthen Bank Secrecy Act enforcement.
  • Tomorrow NAFCU is offering a webcast on ACH for credit unions to learn more about new and upcoming rules that will impact operations.
  • NAFCU Regulatory Affairs Counsel Ann Kossachev is attending a housing finance reform debate hosted by the Urban Institute tomorrow.
  • NAFCU Senior Regulatory Compliance Counsel Elizabeth LaBerge is attending an event Wednesday to learn more about the regulatory and law enforcement perspectives regarding bitcoin and other cryptocurrencies.
  • The NCUA's new Office of Credit Union Resources and Expansion (CURE) is offering a webinar Wednesday for credit unions to learn more about its mission and goals.