NAFCU works directly with our credit union members to bring important issues to lawmakers and regulators alike. As we work toward meaningful legislative and regulatory changes in 2020, our commitment to stand up for our members is stronger than ever.
We will continue to tell their stories and take the right positions on issues – even when others back down. Because to us, it’s personal. We will stop at nothing to ensure a legislative and regulatory environment that promotes viability and growth for credit unions.
Below are some of the things we are working on in 2020. Download a summary of NAFCU’s 2020 Advocacy Priorities.
Growth
Supporting legislation and regulation that helps credit unions grow membership, loans and retained earnings.
Working for you to:
- Ensure access to a strong secondary mortgage market
- Expand field of membership, especially in unbanked and underserved areas
- Modernize capital standards, including fair risk-based capital rules and improved access to alternative capital
- Reform member business lending and loan maturity limits
- Set a variable interest rate ceiling for increased access to lending
Fair and Innovative Market
Fighting back against meritless banker attacks, promoting innovation and establishing regulatory standards for fintech and data security.
Working for you to:
- Create national data and cybersecurity standards
- Chart a collaborative path with fintech companies for regulatory coordination and innovation
- Expand payday alternative loan programs with safe, short-term, small-dollar lending options
- Establish a secure, real-time U.S. payments system
Regulatory Relief
Providing clear rules of the road and streamlining regulation that allows credit unions to put more resources towards serving members.
Working for you to:
- Obtain more guidance on the Current Expected Credit Loss (CECL) standard
- Reform the Telephone Consumer Protection Act (TCPA)
- Increase the CFPB's use of its exemption authority to exclude credit unions from regulations aimed at bad actors
- Clarify the Unfair, Deceptive or Abusive Acts or Practices (UDAAP) rule in order to better serve members and avoid penalties
Transparency
Encouraging government transparency and accountability to ensure taxpayers' and credit unions' dollars are used responsibly and rules are tailored appropriately.
Working for you to:
- Reform structure of the CFPB
- Establish true cost-benefit analysis with all NCUA budgetary matters
- Realize additional NCUSIF refunds
- Enforce a consistent, data-driven rulemaking process
Tax Exemption
Preserving credit unions' federal tax exemption in order to keep focus on members, not profits, and save U.S. consumers $16 billion annually.
Working for you to:
- Educate lawmakers on the differences between credit unions and banks and the value of credit unions to the U.S. economy
- Set the record straight against erroneous banker attacks
Strong NCUA
Pressing for the NCUA to be the sole industry regulator. Connecting credit unions with NCUA Board members to foster strong relationships and collaboration.
Working for you to:
- Remove the CFPB's examination and enforcement powers over credit unions
- Retain the NCUA Board's three-member, bipartisan structure
- Increase exam fairness and modernization efforts
- Foster collaborative, informed, and streamlined regulations