The NAFCU Journal May - June 2017 - 4

FROM THE CHAIR

The Best Trade Association
for the Best Industry
By Richard L. Harris, NAFCU Chair

I

t has never been difficult to make
the argument that credit unions are
the best financial institutions for
consumers. You know the reasons
well; our members are our owners,
earnings are returned to our members,
we are governed by volunteer boards of
member-peers, and we offer lower loan
rates and higher savings rates because
we have no motivation for stockholder profit.

This list could easily go on, but right now,
I want to focus instead on how credit
unions, the best financial institutions
available, should have the best trade
association, NAFCU, as their partner.
NAFCU provides outstanding federal
advocacy, education and compliance
assistance for credit unions. Having a
strategic partner such as NAFCU in this
regulatory and legislative environment
allows credit unions to really focus on
delivering valuable services and products to their members.
We have already lost more than 20
percent of the industry since the second
quarter of 2010. Today, there are only
5,785 federally-insured credit unions.
Because of this, it is even more important to have NAFCU as an advocate.
We are hopeful that credit unions' federal regulatory burden will decline in
the coming years, because the current
burden is significant. That will be
starkly apparent this fall, when credit
unions deal with converging compliance deadlines for amendments to the
mortgage servicing rules, the credit card
4

component of the Military Lending Act
(MLA) rules and the new Home Mortgage Disclosure Act (HMDA) rules.
As a credit union CEO, I rely on
NAFCU as a critically important partner in navigating and operating within
the federal legislative and regulatory
environment. Every CEO should be taking advantage of the focused resources
offered by NAFCU.
For example, earlier this year, NAFCU
released a video highlighting the
differences between credit unions and
banks, including credit unions' dedication to their members and communities (www.nafcu.org/gift/). NAFCU
member credit unions can download
and even personalize the video for
their institutions' use on websites and
social media channels. Meant to help
mark the association's 50th anniversary
this year, the video was designed to
help the credit union industry spread
the word about the value it delivers
daily to consumers.

While the video and tax study show how
NAFCU is advocating and working on
our behalf, there are many more resources
that NAFCU provides, including a worldclass compliance assistance program and
essential education and training.
If you are a NAFCU member, I hope you
are taking advantage of these resources.
If not, I hope you seriously consider
doing so.
As I said, the best financial services industry deserves the best trade association -
and there is none better than NAFCU. 
Richard L. Harris is president and CEO of
Caltech Employees Federal Credit Union.

NAFCU, seeking to preserve an environment in which credit unions can
thrive, also issued an independent study
showing the benefits to U.S. consumers
from credit unions' tax-exempt status (www.nafcu.org/cutaxexemption/).
That economic benefit comes in at $16
billion per year, or $159 billion over
the 10-year period the study examined.
NAFCU has shared the results of this
study with members of Congress, and I
encourage all credit unions to use it in
their own discussions with their senators and representatives.
THE NAFCU JOURNAL MAY-JUNE 2017


http://www.nafcu.org/gift/ http://www.nafcu.org/cutaxexemption/

Table of Contents for the Digital Edition of The NAFCU Journal May - June 2017

Our First 50 Years
Events Calendar
From the Chair
Inside NAFCU
The Digital Download
50 Ways to Grow Your Credit Union Professional and operational
Fields of Opportunity
2017 Annual Conference Exhibitor Directory
Getting to Know …
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal May - June 2017 - Cover1
The NAFCU Journal May - June 2017 - Cover2
The NAFCU Journal May - June 2017 - 1
The NAFCU Journal May - June 2017 - Our First 50 Years
The NAFCU Journal May - June 2017 - Events Calendar
The NAFCU Journal May - June 2017 - From the Chair
The NAFCU Journal May - June 2017 - 5
The NAFCU Journal May - June 2017 - Inside NAFCU
The NAFCU Journal May - June 2017 - 7
The NAFCU Journal May - June 2017 - 8
The NAFCU Journal May - June 2017 - 9
The NAFCU Journal May - June 2017 - 10
The NAFCU Journal May - June 2017 - 11
The NAFCU Journal May - June 2017 - 12
The NAFCU Journal May - June 2017 - 13
The NAFCU Journal May - June 2017 - The Digital Download
The NAFCU Journal May - June 2017 - 15
The NAFCU Journal May - June 2017 - 50 Ways to Grow Your Credit Union Professional and operational
The NAFCU Journal May - June 2017 - 17
The NAFCU Journal May - June 2017 - 18
The NAFCU Journal May - June 2017 - 19
The NAFCU Journal May - June 2017 - 20
The NAFCU Journal May - June 2017 - 21
The NAFCU Journal May - June 2017 - Fields of Opportunity
The NAFCU Journal May - June 2017 - 23
The NAFCU Journal May - June 2017 - 24
The NAFCU Journal May - June 2017 - 25
The NAFCU Journal May - June 2017 - 26
The NAFCU Journal May - June 2017 - 27
The NAFCU Journal May - June 2017 - 28
The NAFCU Journal May - June 2017 - 2017 Annual Conference Exhibitor Directory
The NAFCU Journal May - June 2017 - 30
The NAFCU Journal May - June 2017 - 31
The NAFCU Journal May - June 2017 - 32
The NAFCU Journal May - June 2017 - 33
The NAFCU Journal May - June 2017 - 34
The NAFCU Journal May - June 2017 - 35
The NAFCU Journal May - June 2017 - 36
The NAFCU Journal May - June 2017 - 37
The NAFCU Journal May - June 2017 - 38
The NAFCU Journal May - June 2017 - 39
The NAFCU Journal May - June 2017 - 40
The NAFCU Journal May - June 2017 - 41
The NAFCU Journal May - June 2017 - 42
The NAFCU Journal May - June 2017 - 43
The NAFCU Journal May - June 2017 - Getting to Know …
The NAFCU Journal May - June 2017 - 45
The NAFCU Journal May - June 2017 - Management Insight
The NAFCU Journal May - June 2017 - 47
The NAFCU Journal May - June 2017 - Compliance Central
The NAFCU Journal May - June 2017 - 49
The NAFCU Journal May - June 2017 - Inside NAFCU Services
The NAFCU Journal May - June 2017 - 51
The NAFCU Journal May - June 2017 - From the President’s Desk
The NAFCU Journal May - June 2017 - Cover3
The NAFCU Journal May - June 2017 - Cover4
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