WASHINGTON–What successes credit unions secured in Washington during 2016 primarily came at the regulatory agency level.
Now credit unions are hopeful a new Congress and administration will mean success there, as well, in 2017.
In reflecting upon the past year, CUNA’s chief advocacy officer, Ryan Donovan, called 2016 a “remarkable year” for advocacy. He said credit unions secured “major victories” at NCUA on numerous issues, including field of membership, a public budget hearing, the overhead transfer rate was published, the board voted to reduce the frequency of exams for healthy CUs, and it “modernized” the supervisory process and Call Report.
At the CFPB “some progress” was made in getting the agency to use its statutory exemption authority, said Donovan, but only in a “very limited way” on the agency’s payday lending rule. “We are going to continue to encourage them to use it moving forward,” he said.
In addition, Donovan said CUNA and credit unions were able to make “some progress” with the Department of Labor’s fiduciary rule in getting some changes made.
At the state level, said Donovan, legislatures across the country passed legislation modernizing their respective credit union rules.