NAFCU will continue a push to convince regulators to better tailor rules for credit unions, allowing them to continue to grow in the coming year, according to the group's regulatory and legislative priorities for the year.
"There must be a regulatory environment that supports innovation and encourages credit unions to provide consumers and small businesses with access to credit," the trade group said.
The group identified one of the main problems it sees hampering credit unions: "Credit unions are swamped by an ever-increasing regulatory burden from the CFPB and other regulators, often by rules aimed at bad actors and not community institutions."
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NAFCU's effort will include trying to convince regulators and lawmakers to make changes to credit union business lending rules, expanding field of membership rules and changing capital and risk-based capital rules so they are better suited for credit unions.
NAFCU also highlighted several changes it wants instituted at the CFPB. The bureau should be converted into a commission rather than the current governance structure of a single director, according to NAFCU.
In addition, NAFCU is calling on the bureau to exempt credit unions from many CFPB rules. And the trade group is calling on the agency to issue guidance on its use of its power to take action based on Unfair, Deceptive, or Abusive Acts and Practices.
NAFCU also called on Congress to enact data and cybersecurity legislation that would hold merchants accountable for data breaches, while not instituting burdensome new rules for credit unions.
The trade group also said it will push the NCUA to return its normal operating level to 1.3%. Last year, the NCUA board established a 1.39% normal operating level.
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