NAFCU: Building On Success in 2016

NAFCU realized significant progress on credit union issues last year and will be working to keep up the momentum – both in its work with Congress and with federal regulators – going forward. As 2016 gets underway and the second session of the 114th Congress begins, NAFCU will continue to fight for credit unions on critical issues. 

December Legislative/Regulatory Wins

A key element of NAFCU’s five-point plan for regulatory relief was achieved late last year when President Obama signed into law a transportation authorization bill that includes the text of H.R. 601, the “Eliminate Privacy Notice Confusion Act.” H.R. 601 clarifies that consumers will receive privacy notices after opening a new account and when their providers’ privacy policies change. This is a revision from the previous requirement for annual notices. On the regulatory front, the CFPB, at NAFCU’s urging, has agreed to ensure these statutory changes are put into effect immediately.