ARLINGTON, Va.–Credit unions certainly had a few legislative victories in 2019, but other priorities that had looked promising when the year began never materialized, some of which were surprising, according to NAFCU’s Carrie Hunt.
Chief among the disappointments was the lack of progress on legislation around BSA and AML, said Hunt, EVP/general counsel with the trade group.
“We thought we had a little momentum on that; it’s non-controversial. We just couldn’t get it across the finish line,” she said.
Hunt said NAFCU and credit unions also were optimistic about new legislation around data security and especially data privacy, which is a big priority for NAFCU and will remain so in 2020. “We thought we were getting a little traction there,” she told CUToday.info.
Another issue that also didn’t make it across the finish line included GSE reform (several plans have been proposed and FHFA Director Mark Calabria has indicated he expects a reform plan to be finalized in 2020.
Looking to NCUA
Looking toward NCUA in the new year, Hunt said NAFCU is hopeful for action on supplemental capital, rules around CU acquisitions of banks, asset securitization and exam modernization.