The NAFCU Journal July - August 2017 - 40

Legislative and Regulatory Priorities in 2016
Preserving credit unions' tax exemption

Leading on cyber and data security

Protecting credit unions' federal corporate income tax
exemption remains NAFCU's top legislative priority.
While lawmakers have not indicated a desire to remove
the exemption, NAFCU remains vigilant as talks of
broad bipartisan tax reform continue. NAFCU staff met
repeatedly with lawmakers to discuss the importance of
the tax exemption to the American economy. NAFCU also
countered numerous banker attacks mischaracterizing
the tax exemption and its benefits for consumers.

NAFCU was the first financial services trade association
to speak out on data security on Capitol Hill in the
wake of the 2013 Target data security breach, and the
association has not wavered. NAFCU in 2016 continued
the call for Congress to establish a national standard
to ensure that merchants protect data and take
responsibility for breaches that occur on their end.
The association will continue to advocate for the
reintroduction of legislation such as the "Data Security
Act" (H.R. 2205/S. 961) during the 115th Congress.

Moving regulatory relief
NAFCU and its members supported the bipartisan
call from a majority of House and Senate members
for CFPB Director Richard Cordray to provide relief to
credit unions via the bureau's broad authority under
Section 1022 of the Dodd-Frank Act. Legislation
containing numerous NAFCU-backed regulatory relief
measures, including a repeal of the Durbin amendment,
was introduced by House Financial Services Committee
Chairman Jeb Hensarling, R-Texas. The "Financial
Creating Hope and Opportunity for Investors, Consumers
and Entrepreneurs (CHOICE) Act" (H.R. 5983) is a
comprehensive regulatory relief bill that includes a
repeal of the Durbin amendment. That legislation
passed the committee in September but was not acted
on before the end of the 114th Congress. Action on a
new version is expected in the 115th Congress.

Fighting for greater budget transparency
Last year, NAFCU continued to advocate for greater
transparency from the NCUA regarding its budget
process, both in the agency's communications with
Congress and with credit unions. The NCUA responded
to NAFCU's request, and then-Board Chairman Rick
Metsger announced at NAFCU's Annual Conference that
the agency would return to the practice of holding public
budget briefings for the industry. The first of these
was held in October, during which NAFCU President
and CEO Dan Berger testified that the exponential
pace of the agency's ongoing budget growth is unjustified
and urged finding cost savings wherever possible.

ANNUAL
REPORT

NAFCU also joined in the effort for relief from the Federal
Communications Commission's auto-dialing order
under the Telephone Consumer Protection Act, leading
to a report raising similar concerns from the House
Appropriations Committee. NAFCU has continually
sought to take advantage of every available avenue to
pursue meaningful regulatory relief, whether under the
CFPB, the NCUA or other government agency restrictions.

Advocating extended exam cycles
NAFCU, in contacts with lawmakers and at the NCUA,
strongly advocated for an extended examination cycle
for healthy credit unions. This work led to a bipartisan
letter to the NCUA from lawmakers, then the introduction
by Rep. Frank Guinta, R-N.H., of a bill to require the
NCUA to establish an exam cycle of at least 18 months
for well-run credit unions having assets of $1 billion or
less. Guinta's "Credit Union Examination Reform Act of
2016" would not preclude the NCUA from establishing
an 18-month exam cycle for all credit unions, which NAFCU
supports. The NCUA laid the groundwork for extended

More scenes from Congressional Caucus, from left: Sen. Ted Cruz, R-Texas; Rep. Ed Royce, R-Calif., with NAFCU Chair Richard L. Harris; Rep. Joyce Beatty,
D-Ohio.
4

40

NAFCU 2016 Annual Report
THE NAFCU JOURNAL  JULY-AUGUST 2017



Table of Contents for the Digital Edition of The NAFCU Journal July - August 2017

Our First 50 Years
Events Calendar
From the Chair
Inside NAFCU
The Digital Download
How Secure Is Your Credit Union?
The Bank Secrecy Act
2017 Annual NAFCU Award Winners
2016 NAFCU Annual Report
Getting to Know …
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal July - August 2017 - Cover1
The NAFCU Journal July - August 2017 - Cover2
The NAFCU Journal July - August 2017 - 1
The NAFCU Journal July - August 2017 - Our First 50 Years
The NAFCU Journal July - August 2017 - Events Calendar
The NAFCU Journal July - August 2017 - From the Chair
The NAFCU Journal July - August 2017 - 5
The NAFCU Journal July - August 2017 - Inside NAFCU
The NAFCU Journal July - August 2017 - 7
The NAFCU Journal July - August 2017 - 8
The NAFCU Journal July - August 2017 - 9
The NAFCU Journal July - August 2017 - 10
The NAFCU Journal July - August 2017 - 11
The NAFCU Journal July - August 2017 - 12
The NAFCU Journal July - August 2017 - 13
The NAFCU Journal July - August 2017 - The Digital Download
The NAFCU Journal July - August 2017 - 15
The NAFCU Journal July - August 2017 - How Secure Is Your Credit Union?
The NAFCU Journal July - August 2017 - 17
The NAFCU Journal July - August 2017 - 18
The NAFCU Journal July - August 2017 - 19
The NAFCU Journal July - August 2017 - 20
The NAFCU Journal July - August 2017 - 21
The NAFCU Journal July - August 2017 - The Bank Secrecy Act
The NAFCU Journal July - August 2017 - 23
The NAFCU Journal July - August 2017 - 24
The NAFCU Journal July - August 2017 - 25
The NAFCU Journal July - August 2017 - 26
The NAFCU Journal July - August 2017 - 27
The NAFCU Journal July - August 2017 - 28
The NAFCU Journal July - August 2017 - 29
The NAFCU Journal July - August 2017 - 2017 Annual NAFCU Award Winners
The NAFCU Journal July - August 2017 - 31
The NAFCU Journal July - August 2017 - 32
The NAFCU Journal July - August 2017 - 33
The NAFCU Journal July - August 2017 - 34
The NAFCU Journal July - August 2017 - 35
The NAFCU Journal July - August 2017 - 36
The NAFCU Journal July - August 2017 - 2016 NAFCU Annual Report
The NAFCU Journal July - August 2017 - 38
The NAFCU Journal July - August 2017 - 39
The NAFCU Journal July - August 2017 - 40
The NAFCU Journal July - August 2017 - 41
The NAFCU Journal July - August 2017 - 42
The NAFCU Journal July - August 2017 - 43
The NAFCU Journal July - August 2017 - 44
The NAFCU Journal July - August 2017 - 45
The NAFCU Journal July - August 2017 - 46
The NAFCU Journal July - August 2017 - 47
The NAFCU Journal July - August 2017 - Getting to Know …
The NAFCU Journal July - August 2017 - 49
The NAFCU Journal July - August 2017 - Management Insight
The NAFCU Journal July - August 2017 - 51
The NAFCU Journal July - August 2017 - Compliance Central
The NAFCU Journal July - August 2017 - 53
The NAFCU Journal July - August 2017 - Inside NAFCU Services
The NAFCU Journal July - August 2017 - 55
The NAFCU Journal July - August 2017 - From the President’s Desk
The NAFCU Journal July - August 2017 - Cover3
The NAFCU Journal July - August 2017 - Cover4
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