ARLINGTON, Va.—NAFCU has outlined its advocacy priorities for 2023.
With a new Congress being sworn in this week and the House now under GOP control, the trade group said its Capitol Hill priorities will include:
- Growth. NAFCU said it “advocates for a legislative and regulatory environment that allows credit unions to grow so they can serve more Americans and the Main Street small businesses they rely on. The association is focused on preserving the credit union tax exemption, reforming policies related to field of membership and housing to better serve local communities, modernizing outdated provisions of the Federal Credit Union Act, strengthening the Community Development Financial Institution (CDFI) Fund, and fighting against efforts that could minimize credit unions’ impact.”
- Technology and Innovation. As consumers look for innovative ways to easily and effectively manage their finances, NAFCU said it is working to ensure credit unions can meet these needs through strong technology investments and partnerships. The association said it is supportive of real-time/faster payments and the FedNow program, blockchain utilization, and reasonable oversight of AI and machine learning technology. NAFCU added it will continue to oppose NCUA efforts to obtain third-party vendor examination authority as this will result in unnecessary costs and burdens on credit unions.
- Regulatory Relief. NAFCU said it continues to seek regulatory relief and “clear rules of the road.” The association said it supports the NCUA as the credit union industry’s primary, independent regulator, and efforts to reform the CFPB. NAFCU added it will advocate against laws and regulations intended to address “bad actors that place unfair burdens on credit unions, oppose frivolous litigation and restrictions that hinder credit unions’ ability to serve members,” and seek exam modernization and consistency.
- Fair Markets. Maintaining a level playing field among fintechs and other financial institutions is key to ensuring credit unions can compete in the market, NAFCU said. The association added it is fighting for increased supervision of fintechs and non-depository financial institutions, accountability and appropriate liability related to fraud and error resolution responsibilities, and flexibility and opportunity within member business lending. “NAFCU will also continue to set the record straight against big bank attacks,” the trade association said.
- Data Protection. “NAFCU has long advocated for a comprehensive federal data privacy and security standard that recognizes existing regulatory requirements for credit unions. The association will continue to call for increased cybersecurity coordination among regulators and agencies and oppose overreach in data collection requirements,” the trade association said.
Still Free in ’23! The Freshest CU Headlines. Right to Your Inbox.
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.