The NAFCU Journal May - June 2019 - 6

WASHINGTON AND INDUSTRY BRIEFS

NAFCU Engages With Top
Regulators, Shares 2019 Priorities 

A

s the credit union industry's Washington watchdog,
NAFCU works daily to
ensure the various regulatory agencies are aware of credit unions'
positions on key issues. NAFCU shared
its advocacy priorities (www.nafcu.org/
priorities) with leaders of the National
Credit Union Administration (NCUA),
Consumer Financial Protection Bureau
(CFPB), Federal Housing Finance
Agency (FHFA), Treasury Department,
Small Business Administration (SBA)
and Department of Justice (DOJ), and
also outlined specific items for the agencies to address within these priorities.
Here are NAFCU's specific priorities
for each agency:

CFPB
■■

Use its exemption authority to
excuse credit unions from
certain rulemakings;

NAFCU President and CEO Dan Berger
met with CFPB Director Kathy Kraninger
(pictured) in March, following up on a
letter that was hand-delivered her first
day outlining credit unions' top priorities.
6

obtain "clear, transparent guidance"
from the bureau on its expectations
for credit unions under the unfair,
deceptive or abusive acts and practices
(UDAAP) law;
■■ address "supervisory gaps that may
result in poor oversight of nonbank
financial companies," such as fintech
companies, through congressional and
regulatory action;
■■ obtain an exemption from the bureau's
payday lending rule for new iterations
of the NCUA's payday alternative
lending (PAL) program;
■■ reform the bureau's structure from a
single director to a bipartisan commission, as well as make the bureau
subject to the congressional appropriations process;
■■ exempt all credit unions, regardless of
asset size, from the bureau's supervisory and enforcement authority; and
■■ reform the bureau's consumer complaint database and cease publication of
unverifiable consumer complaint data. 
■■

NAFCU Executive Vice President of
Government Affairs and General Counsel
Carrie Hunt (left) with NCUA Board
Member Todd Harper (right) following
his testimony before the Senate Banking
Committee in February.

NCUA

Continue efforts to modernize field of
membership (FOM) rules;
■■ further revise its risk-based capital
(RBC) rule;
■■ provide guidance and resources to
help credit unions as they implement the current expected credit loss
(CECL) accounting standard;
■■ reduce examination burden, especially
on smaller credit unions;
■■ strengthen cybersecurity efforts while
also providing flexibility for credit
unions to adopt controls that fit
their needs;
■■ provide additional flexibility with
respect to loan maturity limits;
■■ enact a variable interest rate ceiling,
specifically a 15 percent spread over
prime; and
■■ return the National Credit Union Share
Insurance Fund's (NCUSIF) normal
operating level (NOL) to 1.3 percent as
soon as possible and provide additional
refunds to credit unions.
■■

NAFCU staff were in attendance as FHFA
Director Mark Calabria (left), NCUA Board
Chair Rodney Hood (center left) and Board
Member Todd Harper (center right) and
Assistant Secretary of the Treasury Bimal
Patel (right) swear in before the Senate
Banking Committee.
THE NAFCU JOURNAL  MAY-JUNE 2019


http://www.nafcu.org/priorities http://www.nafcu.org/priorities

The NAFCU Journal May - June 2019

Table of Contents for the Digital Edition of The NAFCU Journal May - June 2019

The NAFCU Journal May - June 2019
Contents
Conferences
From the Chair
Washington and Industry Briefs
The Bottom Line
Welcome, New Members
Knowledge Is Power Credit unions leverage data and analytics for strategic business growth.
Lowering the High Cost of Internal Fraud Policies, culture and training work together to improve fraud detection and prevention.
2019 Annual Conference Exhibitor Directory
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal May - June 2019 - The NAFCU Journal May - June 2019
The NAFCU Journal May - June 2019 - Cover2
The NAFCU Journal May - June 2019 - Contents
The NAFCU Journal May - June 2019 - 2
The NAFCU Journal May - June 2019 - Conferences
The NAFCU Journal May - June 2019 - From the Chair
The NAFCU Journal May - June 2019 - 5
The NAFCU Journal May - June 2019 - Washington and Industry Briefs
The NAFCU Journal May - June 2019 - 7
The NAFCU Journal May - June 2019 - The Bottom Line
The NAFCU Journal May - June 2019 - 9
The NAFCU Journal May - June 2019 - 10
The NAFCU Journal May - June 2019 - 11
The NAFCU Journal May - June 2019 - Welcome, New Members
The NAFCU Journal May - June 2019 - 13
The NAFCU Journal May - June 2019 - 14
The NAFCU Journal May - June 2019 - 15
The NAFCU Journal May - June 2019 - 16
The NAFCU Journal May - June 2019 - 17
The NAFCU Journal May - June 2019 - Knowledge Is Power Credit unions leverage data and analytics for strategic business growth.
The NAFCU Journal May - June 2019 - 19
The NAFCU Journal May - June 2019 - 20
The NAFCU Journal May - June 2019 - 21
The NAFCU Journal May - June 2019 - 22
The NAFCU Journal May - June 2019 - 23
The NAFCU Journal May - June 2019 - 24
The NAFCU Journal May - June 2019 - 25
The NAFCU Journal May - June 2019 - Lowering the High Cost of Internal Fraud Policies, culture and training work together to improve fraud detection and prevention.
The NAFCU Journal May - June 2019 - 27
The NAFCU Journal May - June 2019 - 28
The NAFCU Journal May - June 2019 - 29
The NAFCU Journal May - June 2019 - 30
The NAFCU Journal May - June 2019 - 31
The NAFCU Journal May - June 2019 - 32
The NAFCU Journal May - June 2019 - 33
The NAFCU Journal May - June 2019 - 34
The NAFCU Journal May - June 2019 - 2019 Annual Conference Exhibitor Directory
The NAFCU Journal May - June 2019 - 36
The NAFCU Journal May - June 2019 - 37
The NAFCU Journal May - June 2019 - 38
The NAFCU Journal May - June 2019 - 39
The NAFCU Journal May - June 2019 - 40
The NAFCU Journal May - June 2019 - 41
The NAFCU Journal May - June 2019 - Executive Spotlight
The NAFCU Journal May - June 2019 - 43
The NAFCU Journal May - June 2019 - 44
The NAFCU Journal May - June 2019 - 45
The NAFCU Journal May - June 2019 - Management Insight
The NAFCU Journal May - June 2019 - 47
The NAFCU Journal May - June 2019 - Compliance Central
The NAFCU Journal May - June 2019 - 49
The NAFCU Journal May - June 2019 - Inside NAFCU Services
The NAFCU Journal May - June 2019 - 51
The NAFCU Journal May - June 2019 - From the President’s Desk
The NAFCU Journal May - June 2019 - Cover3
The NAFCU Journal May - June 2019 - Cover4
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