WASHINGTON – Members of NASCUS’ Regulator Board and Credit Union Advisory Council met with congressional offices to discuss issues facing state-chartered credit unions and state regulators.
“The state credit union system is a vital part of the financial services community, as state-chartered credit unions hold nearly half of the total credit union assets of $1.4 trillion and count almost half of all credit union memberships of 115 million,” said NASCUS President/CEO Lucy Ito. “These institutions are regulated by state supervisory agencies and have a vested interest in their communities. We are on the Hill to educate lawmakers about the importance of the state system and to advocate for Congressional action that would strengthen and support the system.”
According to NASCUS, it had several “primary asks” of lawmakers during its visits:
- Increase the NCUA board to five members from three and ensure state representation to the NCUA board
- Exempt pre-existing nonprofit executive compensation contracts from the excise tax in parity with for-profits
- Pass data breach legislation that does not preempt more stringent state laws and that subjects non-financial institutions to the same data security standards as financial institutions
- Provide clarity for serving legal marijuana-related businesses