Newsroom
NAFCU secures key wins in 2022, continues advocacy
As credit unions’ voice in Washington, NAFCU strives daily to provide the industry with unwavering federal advocacy, award-winning compliance assistance, and top-rated education resources. With the support of credit union members, the association secured several key wins in 2022 and continues to fight for more.
- Credit Union Governance Modernization Act: Congress passed this legislation as part of a larger spending package earlier this year that allows credit unions to more easily expel members who pose a threat to credit unions and their employees. NAFCU has long advocated for this modernization and the association continues to engage the NCUA on this issue as it works to implement the law.
- Community Development Financial Institutions (CDFIs): Noting the impact CDFI-certified credit unions have on local communities, NAFCU has called on Congress to provide more funding and a better CDFI certification process to help financial institutions, especially credit unions, better support underserved areas. The Biden Administration recently announced an investment of $8.28 billion in support of CDFIs and minority depository institutions (MDIs) and legislation to strengthen CDFIs’ access to long-term capital have been advanced in Congress. The association also provided testimony before the Senate Banking Committee on these issues and continues to raise awareness – including in a recent meeting with the White House Office of Public Engagement – on the need for better communication and a streamlined application process from the CDFI Fund.
- Defending against bad policies: Throughout 2022, the association fought back against bankers’ attacks continuing efforts under the award-winning Big Bank Bullies campaign to highlight the difference between community-focused credit unions and profit-seeking banks. NAFCU also continues to advocate against legislative efforts that would negatively impact credit unions, such as extending debit interchange routing requirements to credit cards, as well as granting the NCUA with third-party vendor authority.
- Supporting good policies: NAFCU’s advocacy has led to several bill introductions that would benefit the credit union industry, including the bipartisan Credit Union Board Modernization Act that would revise outdated requirements related to credit union board of directors meetings, legislation to allow all types of credit unions to add underserved areas to their fields of membership, the SAFE Banking Act to provide clarity for providing financial services to state-authorized marijuana-related businesses, and legislation to make permanent enhancements to the Central Liquidity Facility.
In addition to these advocacy accomplishments, the association’s Compliance Team has answered nearly 6,000 compliance questions this year and published more than 160 blog posts, articles, charts, guides, and tools totaling more than 1,200 pages of compliance resources. NAFCU also hosted 13 in-person and virtual events and provided more than 18,000 hours of content to more than 2,700 credit union professionals through its Online Training Center.
Read more about the association’s 2022 accomplishments and stay tuned to NAFCU Today for ongoing efforts to have credit union priorities addressed as Congress works to pass end-of-year legislation.
Share This
Related Resources
Add to Calendar 2024-04-30 14:00:00 2024-04-30 14:00:00 State of Consumer Credit: How Behaviors have Shifted and Trends in US Bankcard Benchmarks About the Webinar In an era marked by volatility and evolving credit trends such as historic inflation and the rise of BNPL, credit unions must adapt to mitigate risks effectively. Join the experts at FICO in exploring how to leverage FICO Scores to enhance competitiveness while maintaining stability and compliance. Key Takeaways: Learn about the latest in consumer credit behaviors and score distributions since the pandemic Take a closer look at major US bankcard trends in comparison to the credit union industry, such as average card spend, balance, missed payments and more. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
State of Consumer Credit: How Behaviors have Shifted and Trends in US Bankcard Benchmarks
preferred partner
FICO
Webinar
Add to Calendar 2024-04-25 14:00:00 2024-04-25 14:00:00 ChatGPT: What AI can do for you! ChatGPT has been created with one main objective – to predict the next word in a sentence, based on what's typically happened in the gigabytes of text data that it's been trained on. Did you ever hear of the saying, “People fear the unknown?” Artificial intelligence scares people, but it is the future, and you need to understand the tools and resources it offers. It’s also about saving time, that’s what technology and in this case, artificial intelligence can do for you. If you want to save time and have a better quality of life, this training is for you. Once you give ChatGPT a question or prompt, it passes through the AI model and the chatbot produces a response based on the information you've given and how that fits into its vast amount of training data. It's during this training that ChatGPT has learned what word, or sequence of words, typically follows the last one in a given context. During this webinar, ChatGPT: What AI can do for you, you’ll discover the background, purpose, usability, and the pros and cons. Don't miss this opportunity! Key Takeaways Learn the background of AI Understand the purpose of AI Identify the pros and cons 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 25, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCRMs Risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
ChatGPT: What AI can do for you!
Credits: NCRM
Webinar
Add to Calendar 2024-04-25 14:00:00 2024-04-25 14:00:00 Unifying Two Different Executive Benefits Programs About the Webinar In part one we discussed how to retain key positions during a time of transition. In part two, we will look at how to combine executive benefits programs from two different organizations into a single high-performing program. Evaluating each program includes many different facets, from strategy and expense to performance and servicing. This session will provide important considerations, whether or not you have pending M&A activity. Key Takeaways: Is the plan design both retentive and efficient? Is the benefit expense properly mitigated? Does the legal agreement reflect the board’s intent? View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Unifying Two Different Executive Benefits Programs
preferred partner
Gallagher
Webinar
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Get daily updates.
Subscribe to NAFCU today.