March 17, 2017

This week: NAFCU testifies on Capitol Hill, meets with FCC, more

NAFCU is on Capitol Hill and at regulatory agencies this week, advocating for credit unions' best interests at the federal level and working in pursuit of a more positive regulatory environment for the industry.

Tomorrow, Keith Stone, president and CEO of The Finest Federal Credit Union in New York, N.Y., is slated to testify on behalf of NAFCU on the process of chartering new financial institutions.

Stone will appear before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit at 2 p.m. Eastern. He will discuss the process his credit union went through when it received its charter from the NCUA in 2015. He will also discuss the current regulatory burden faced by today's credit unions, the Federal Credit Union Act and governance modernization.

Also tomorrow, NAFCU's Cybersecurity and Payments Committee will meet to discuss proposed updates to the National Institute of Standards and Technology cybersecurity framework, recent developments related to fintech companies and the recent meeting of the Federal Reserve Secure Payments Task Force, of which NAFCU is a member. The committee will also review the recent testimony of Chevron Federal Credit Union President and CEO Jim Mooney on behalf of NAFCU before a House Small Business Committee panel. Mooney's testimony focused on credit unions' commitment to cybersecurity and the importance of establishing a national data security standard for retailers to protect consumers from data breaches.

On Thursday, NAFCU Regulatory Affairs Counsel Ann Kossachev will attend a Federal Communications Commission meeting to review a notice of proposed rulemaking and notice of inquiry on protecting service subscribers from illegal robocalls.

NAFCU staff will also monitor a House Financial Services Subcommittee on Oversight and Investigations hearing tomorrow titled "The Bureau of Consumer Financial Protection's Unconstitutional Design." Witnesses will include representatives from the University of Virginia School of Law and the Hoover Institution.