Top Two CU Trades Keep Coordinating Council Meeting Discussions Hush-Hush

ARLINGTON, Va.-Top officials at CUNA and NAFCU have continued to meet occasionally under the auspices of the National Credit Union Legislative and Regulatory Coordinating Council since its inception during the battle for H.R. 1151. On Dec. 1, members of the executive committees and senior staff of the two major national credit union trade associations met again. Subjects that came up included the Utah field of membership lawsuit that is awaiting a judge’s decision; legislation of interest to credit unions in the upcoming Congress-like regulatory relief, and the Credit Union Regulatory Improvements Act; Prompt Corrective Action; the Financial Accounting Standards Board’s merger accounting proposal; clarification of the Securities and Exchange Commission’s broker-dealer rules regarding credit unions and credit union service organizations; and the IRS’ Unrelated Business Income Tax. Each association shared what the other was doing on these issues. Neither CUNA nor NAFCU would go into the specifics of the substance of the discussions. They did consider ways to get broader bipartisan support for the Credit Union Regulatory Improvements Act in the 109th Congress. The meeting, called by NAFCU Chair Diane Furnas, was held at NAFCU’s headquarters in Arlington, Va.