Going to Bat for Credit Union Advocacy

Change is inevitable in Washington. Administrations shift, new regulatory heads are confirmed, and the direction of public policy pivots. New political winds are blowing in our nation’s capital and NAFCU is adjusting its sails to propel our advocacy efforts forward. But our sights are set on the same end goal: Ensuring a regulatory environment that allows credit unions to thrive and better serve their 123 million members.

With change on the horizon, NAFCU will continue to press policymakers to provide credit unions with the ability to access every tool in the toolbox to serve their members. This is especially true as we grapple with a worldwide pandemic and continued economic uncertainty.

Leading With a Bold Agenda

NAFCU’s advocacy focuses solely on the needs of credit unions. That will be no different in 2021, and we will fight on behalf of the credit union industry with enthusiasm. Our top priorities include:

• Supporting legislation and regulation that helps credit unions grow and better serve their membership;
• Fighting back against banker attacks and working to establish regulatory standards for fintech and other non-depository institutions;
• Promoting clear rules of the road and streamlined regulation that allows credit unions to put more resources toward serving members;
• Advocating for the NCUA to continue to be the sole regulator of credit unions; and
• Encouraging federal standards for data privacy and data security that recognize existing regulatory requirements for credit unions.

As new administration officials and agency heads assume their roles, we see indications of a regulatory regime that will focus on consumer protection and rulemakings to address risky behaviors and help our nation and consumers recover from the pandemic.

NAFCU stands ready – and is proud – to go to bat for credit unions.

Welcoming New Leadership at the NCUA

Recently, Todd Harper was named chairman of the NCUA. During his years of work at the NCUA, NAFCU has built a strong relationship with Chairman Harper, and we spoke with him shortly after he was selected to lead the agency.

Since then, the chairman has made clear that he believes the NCUA should focus on capital and liquidity, consumer financial protection, cybersecurity, and diversity, equity and economic inclusion. NAFCU will continue to work with the NCUA, maintaining our top priority to ensure credit unions have a regulatory environment that encourages – not stifles – growth and innovation.

NAFCU will remain fully engaged with the agency on these issues, and we will continue to advocate for expanding access to the industry’s safe, affordable financial products in underserved areas, supporting small businesses and members recovering from the pandemic, and obtaining effective regulation.

Managing Changing ­Priorities at the CFPB

While current Federal Trade Commission Commissioner and CFPB Director nominee Rohit Chopra awaits his confirmation hearing, President Joe Biden has named Dave Uejio as acting director of the agency.

Wasting no time in pivoting policy direction, Acting Director Uejio announced the bureau will restart supervising credit unions with over $10 billion in assets for compliance with the Department of Defense’s Military Lending Act rule. With this change, credit unions should prepare for examiners to review this area in upcoming exams.

While there is no telling how long Uejio will hold the position, he is likely to leave his mark at the agency. NAFCU has enjoyed a strong relationship with bureau leadership over the years, and our team will continue to engage with the acting director. Additionally, we look forward to hearing more about Commissioner Chopra’s views on regulation and consumer protection during the confirmation process.

The bureau has an important mission and role in safeguarding American consumers, and NAFCU is actively encouraging the agency to tailor regulations to reign in bad actors while allowing credit unions to successfully serve their 123 million members. While often regulation is well-intentioned, we must fight back against harmful change.

Working With a Democratic Controlled Congress

NAFCU continues to push for additional relief measures on many fronts, including within Congress. With Democrats in control of the Senate and the House of Representatives by tight margins, we see opportunity for bipartisan agreement to advance several key reforms important to credit unions.

Our award-winning advocacy team is actively advocating for increased Community Development Financial Institution funding to support certified credit unions serving low-income communities, member business lending reform, and allowing all credit unions to include underserved communities within their fields of membership, among other important policies.

Credit unions are popular in Washington, and we have strong supporters on both sides of the aisle. In the 117th Congress, NAFCU will focus on advancing bipartisan legislation that moves the needle for credit unions.

With NAFCU steadfast in its support and advocacy for credit unions, I believe the future is bright for our industry. NAFCU will continue to fight to ensure credit unions have the tools they need to support their members whether there be storms or smooth sailing ahead.

Carrie Hunt EVP of Government Affairs and General Counsel, NAFCU Washington, D.C.