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 2019, 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 2019. Download a summary of NAFCU’s 2019 Advocacy Priorities.
Growth
Supporting legislation and regulation that helps credit unions grow membership, loans and revenue.
Working for you to:
- Seek ways to expand field of membership
- Ensure access to a strong secondary mortgage market
- Further delay in NCUA's risk-based capital rule
- Reform member business lending and loan maturity limits
Strong NCUA
Pressing for NCUA to be the sole industry regulator, including removing Bureau of Consumer Financial Protection (bureau) powers over credit unions. Fostering strong relationships with NCUA board members to ensure credit unions’ voices and concerns are heard.
Working for you to:
- Remove Bureau of Consumer Financial Protection powers over credit unions
- Retain the NCUA Board structure
- Increase exam fairness efforts
- Foster collaborative, informed and streamlined regulations
Transparency
Encouraging government accountability, including reducing NCUA’s overall operating budget, reforming the bureau structure and getting additional National Credit Union Share Insurance Fund (NCUSIF) distributions for credit unions.
Working for you to:
- Reduce NCUA’s overall operating budget
- Reform structure of the Bureau of Consumer Financial Protection
- Realize additional NCUSIF distributions
Regulatory Relief
Fighting for clear, streamlined regulation that allows credit unions to put more resources towards serving members.
Working for you to:
- Eliminate duplicative and unnecessary regulation
- Clarify UDAAP in order to better serve your members and avoid penalties
- Reform the Telephone Consumer Protection Act (TCPA) with clear provisions that focus on combatting illegal robocalls without hindering credit unions’ ability to contact members with important account information
- Obtain more guidance on the current expected credit loss (CECL) standard
Tax Exemption
Preserving the credit union tax exemption to save U.S. consumers $16B annually, protect nearly 1 million jobs, and keep the focus on members, not profits.
Fair and Innovative Market
Pushing back against big banks, promoting innovation, and creating national data and cybersecurity standards.
Working for you to:
- Create national data and cybersecurity standards
- Establish regulation of fintech companies
- Stop the Community Reinvestment Act (CRA) from extending over credit unions who are already committed to community reinvestment and serving unbanked and underbanked communities
- Protect American consumers from the exploitive behavior of some big banks, as well as help limit the economic impact of these “too big to fail” institutions in the event of an economic downturn by supporting the appropriate implementation of the Volker rule and exploring a modern Glass-Steagall Act regime