WASHINGTON–NAFCU opened its 2017 Congressional Caucus with a question-and-answer session featuring NAFCU President and CEO Dan Berger and EVP-Government Affairs and General Counsel Carrie Hunt, who detailed the association's top priorities.
During the session, Berger and Hunt discussed several of NAFCU's priorities, including:
- Ensuring credit unions get all of their money back from the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) and preventing an increase to the National Credit Union Share Insurance Fund's (NCUSIF) normal operating level (NOL)
- Working with the NCUA, CFPB and Congress to reduce regulations that make it more expensive and difficult for credit unions to serve their communities
- Protecting consumers' personal information and providing resources to credit union members in light of the Equifax data breach
- Defending credit unions' tax-exempt status as Congress seeks to pass comprehensive tax reform in the coming months
Under the proposal to increase the NCUSIF's NOL, Berger emphasized that credit unions will only get about 15% of the money they contributed to the Stabilization Fund back, while the NCUA will keep about $1 billion.
"We want to make sure you get your money back," Berger told the Caucus.
Five Tenets
At the top of the discussion, Hunt outlined NAFCU's five tenets for ensuring a positive environment for credit unions:
- A regulatory environment that allows credit unions to grow
- Appropriate, tailored regulation for credit unions and relief from growing regulatory burdens
- A fair playing field
- Transparency and independent oversight
- A strong, independent NCUA as the primary regulator for credit unions
Berger said any congressional reform needs the support of eight moderate Senate Democrats to pass. He also reiterated NAFCU's support for a bipartisan commission at the CFPB rather than single director.
Losea Wins Paul Revere Award
Meanwhile, also at Congressional Caucus, Rich Losea, board treasurer for ABNB Federal Credit Union in Norfolk, Va. received NAFCU’s 2017 Paul Revere Award.
The Paul Revere Award recognizes a NAFCU-member credit union advocate who goes to great lengths in his or her grassroots and political efforts.
“Rich has tirelessly worked to improve the regulatory landscape for credit unions,” said NAFCU President and CEO Dan Berger. “His commitment to advancing credit unions’ legislative and regulatory initiatives is unwavering and his dedication to our industry is outstanding.”
To be considered for the Paul Revere Award, candidates must:
- Be from a NAFCU-member credit union
- Have held at least two meetings during 2016 or 2017 with each of their members of Congress (two senators and one representative)
- Have responded to all NAFCU Grassroots Alerts by completing the actions requested, such as phone calls, emails and letters to their lawmakers
- Be in regular contact with NAFCU for the most up-to-date legislative and regulatory information
Losea has made countless trips to Capitol Hill, where he has met with lawmakers where he has advocated for credit union regulatory relief and other top credit union issues, NAFCU said.