The NAFCU Journal July - August 2017 - 41

exam cycles beginning this year for healthy credit unions
with assets of less than $1 billion. NAFCU continues to
advocate for such relief for all healthy, well-run credit unions.

Member business lending rules eased
The NCUA finalized a member business lending rule
that eliminated the previous personal guarantee
requirement and, as of this Jan. 1, shifted the rule's focus
from set underwriting requirements to a more flexible,
risk-based system. NAFCU praised the rule for easing
the regulatory burden on credit unions and allowing
them the independence to address the needs of their
small-business members. NAFCU also launched a joint
effort with CUNA to challenge a lawsuit filed last October
by the Independent Community Bankers of America
against the NCUA over its MBL rule. This joint effort
resulted in the dismissal of the lawsuit on procedural
grounds, but not before the court noted that the
bankers' case would likely have failed on the merits.

The NAFCU-backed "Financial Services for the
Underserved Act of 2016" (H.R. 5541) was also
introduced to expand access to federal credit unions
for individuals living in underserved and low-income
communities. The legislation was introduced by Reps.
Tim Ryan, D-Ohio, and Donald Norcross, D-N.J.

Modernizing exams and supervision
In May, after repeated calls from NAFCU to improve
the credit union exam system, the NCUA announced its
efforts to modernize the examination and supervision
program, including the call report system. The NCUA
said it hopes to strengthen its on-site examination and
off-site monitoring, facilitate better industry trends and
comparisons between institutions, and minimize the
reporting burden on federally-insured credit unions.
NAFCU, based on NAFCU members' input and concerns,
has provided the agency specific recommendations on
how the program can be made better for credit unions.

ANNUAL
REPORT

Seeking Durbin amendment repeal

Delaying CECL a year

NAFCU continued the fight for repeal of the Durbin
amendment on interchange. In 2016, Rep. Randy
Neugebauer, R-Texas, introduced NAFCU-backed
legislation (H.R. 5465) to repeal the amendment. That
legislative language was subsequently incorporated
into the "Financial CHOICE Act," which passed the
House Financial Services Committee in September.
The association continues this effort.

NAFCU succeeded in convincing the Financial Accounting
Standards Board in April to delay the effective date of its
"current expected credit loss" standard for an additional
year on top of the originally planned timeline for credit
unions. The credit losses accounting standard is effective
for fiscal years after Dec. 15, 2020, and interim periods
within fiscal years beginning after Dec. 15, 2021.

Modernizing field-of-membership rules

Last year brought to fruition numerous positive
changes in the NCUA field-of-membership rules for
credit unions. In action supported by NAFCU, the NCUA
Board finalized the most extensive modernization of its
FOM rules in a decade. It also proposed new provisions
that would raise to 10 million the population cap for
well-defined communities and allow the use of narratives
in applications for community charter expansions.

Fixing CFPB's mortgage disclosure rule
In an action urged by NAFCU, the CFPB in 2016 proposed
updates to its Truth in Lending Act/Real Estate Settlement
Procedures Act integrated mortgage disclosure rule,
including more guidance on construction lending. However,
NAFCU continued to encourage the bureau to go farther
to address the numerous, substantive compliance
issues that have been highlighted by credit unions.

nafcu.org/priorities

From left: Rep. Mark Takano, D-Calif., with Congressional Caucus attendees; Carrie Hunt, NAFCU executive vice president of government affairs
and general counsel; House Financial Services Committee Chairman Jeb Hensarling, R-Texas.
5

THE NAFCU JOURNAL  JULY-AUGUST 2017

41


http://www.nafcu.org/priorities

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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