Newsroom
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.
Share This
Related Resources
Add to Calendar 2024-05-07 14:00:00 2024-05-07 14:00:00 BSA Training for the Board of Directors This webinar, BSA Training for the Board of Directors provides vital training with a comprehensive overview of the Bank Secrecy Act (BSA), anti-money laundering (AML) and combatting the financing of terrorism (CFT) compliance requirements. You’ll explore the ramifications of non-compliance and gain insights into the expectations and requirements set forth by the National Credit Union Administration (NCUA). This includes discovering how board engagement plays a pivotal role in fostering a robust BSA/AML compliance program within your credit union. Don’t miss this opportunity to equip your board with the knowledge and insights needed to navigate the regulatory landscape effectively. Key Takeaways Identify BSA/AML compliance requirements Review board member duties as it relates to BSA/AML compliance Examine current regulatory actions that may impact your credit union 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 May 2, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend Board members Board chairs and vice chairs Supervisory committee members Presidents/CEOs Executive assistants Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar NCBSOs will recieve 1.0 CEUs for participating in this webinar NCVEs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
BSA Training for the Board of Directors
Credits: NCCO, NCBSO, NCRM, NCVE
Webinar
Add to Calendar 2024-05-06 14:00:00 2024-05-06 14:00:00 Overview of Regulation CC Join us for this webinar, Overview of Regulation CC, and you’ll delve into the intricacies of the Expedited Funds Availability Act and Regulation CC. This includes gaining invaluable insights on effectively implementing funds availability requirements, navigating the process of placing holds on deposited items and crafting comprehensive disclosures for your members. Don't miss this opportunity to enhance your understanding of regulatory compliance in the financial landscape. Key Takeaways Know the funds availability requirements Learn what must be included in disclosures Comprehend extended holds 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 April 18, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Overview of Regulation CC
Credits: NCCO, NCRM
Webinar
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.