The NAFCU Journal January - February 2018 - 24

member questions per
month on average
NAFCU and
a NAFCU-requested
exemption
for
SBA
renew
payday alternative loans in the payday
partnership
lending final rule.
to increase
TAX REFORM
loans
Brad Thaler, NAFCU
to small
Vice President
of
priorities
businesses
Legislative
Affairs

26

NAFCU and credit
unions succeeded in
keeping the credit union tax exemption safe in Congress' final tax bill last
month. How significant is this win?
This win, achieved amid a review of
every exemption and credit, is incredibly significant for our industry and
consumers. The exemption benefits the
nation's more than 110 million credit
union
member-owners
and adds $16
proposed
regulation
billion a year to economic growth. That
summaries
was our messaging in numerous meetings held with the administration and
key lawmakers.
DATA SECURITY
Brad Thaler, NAFCU Vice President of
Legislative Affairs

Last year saw an upswing in data
security breaches, leading to numerous
congressional hearings - some with
testimony from NAFCU witnesses - on
vulnerabilities and opportunities for
improvements. What is the likelihood
legislation is passed this year to create a
national data security standard?
NAFCU
was the only
The Equifax data breach has helped refotrade
association
cus Congress
on the issue of to
data security.
details
still being worked
standHowever,
withthe
you
toareoppose
out. NAFCU is working with leaders on
thetheNOL
increase
and packHill to advance
a data security
age that
willthe
create highest
a national standard
fight
for
for entities that aren't subject to the same
TCCUSF
refunds possible
standards as credit unions.

0+

How is NAFCU continuing its advocacy efforts in this area? How will the
association ensure no new burdens on
financial institutions%
already accountable to federal data protection laws?
We are working with both industry and
leaders on Capitol Hill to craft a package
that recognizes depository institutions
more
messages
have different
standards
than Equifax, suchsent
as regulatory
examinations.
to Congress

315

24

in 2017 grassroots
campaigns

Top compliance issues among NAFCU Members
REG Z
BSA
GENERAL LENDING
MLA
CREDIT CARDS
HMDA
TILA/RESPA
TRUTH IN SAVINGS
REG E
FCRA

151

NAFCU representatives also testified
twice last year before Congress on
the issue. Our members can help in
these efforts by sharing stories with
their elected officials on how they, and
their credit union members, have been
impacted by data breaches.

new
compliance
NCUA/CFPB
OUTLOOK
blog posts,
summaries,
Alexander Monterrubio,
analysis,
articles,
NAFCU Director of
whitepapers,
charts
Regulatory Affairs
and guides

and CFPB that credit unions face
an immense amount of regulations.
NAFCU is Fall
in constant
communicadates
added
tion with both, regularly meeting with
for
Regulatory
agency staff to
discuss
ongoing and
upcoming
rulemakings. NAFCU
will
Compliance
School
continue to use every available forum,
including comment letters, to advocate
for regulatory relief for credit unions.

School X2

COMPLIANCE
OUTLOOK
Brandy Bruyere, NAFCU
Vice President of Regulatory Compliance

How active can we expect
the NCUA and CFPB to be regarding
rulemakings this year?
What upcoming
At the NCUA, rulemaking will generally
deadlines
should credit
NAFCUcompliance
Certified
Compliance
be characterized by what McWatters has
unions be aware of this year?
OfficerHome
(NCCO)
Program
called a "thoughtful loosening of reguMortgage Disclosure Act rule
lations" - similarly to when the agency
changes went into effect for loans with
Will
reach
finalized its
voluntary
merger rule and
final action on or after Jan. 1. In April,
issued new guidance on asset securitizaCFPB rules relating to prepaid cards
tion. As for the CFPB, there is uncertainty
go into effect, along with the second
surrounding how the bureau will operate
phase of its mortgage
servicing amendNational
since CFPB NCCOs
Director Richard Cordray's
ments addressing certain successors in
Award
by the
end - though we interest and borrowers
early departure
in November
in bankruptcy.
expect toof
see athe
slowdown
in
rulemaking.
In
May,
we
have
the
compliance
deadyear
line for the Financial Crimes EnforceWhat is NAFCU doing to ensure the
ment Network's customer due diligence
NCUA and CFPB understand the regrule and a July deadline for updates
ulatory burden facing credit unions?
to Regulation CC. In the fall of 2018,
NAFCU utilizes every available opporcompliance with the TILA-RESPA
tunity to remind both the NCUA
integrated mortgage disclosure rule

1,000

1

Won

INSIGHTFUL DATA &
RESEARCH

THE NAFCU JOURNAL  JANUARY-FEBRUARY 2018

Keeping on top of important industry and



Table of Contents for the Digital Edition of The NAFCU Journal January - February 2018

Conferences
From the Chair
Advocacy Snapshot
Washington and Industry Briefs
Growth Strategies
Stepping Into the Future
A Clear Path Forward
Economic Outlook: It’s Complicated
NAFCU 2018 Vendor Directory
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal January - February 2018 - Cover1
The NAFCU Journal January - February 2018 - Cover2
The NAFCU Journal January - February 2018 - 1
The NAFCU Journal January - February 2018 - 2
The NAFCU Journal January - February 2018 - Conferences
The NAFCU Journal January - February 2018 - From the Chair
The NAFCU Journal January - February 2018 - 5
The NAFCU Journal January - February 2018 - Advocacy Snapshot
The NAFCU Journal January - February 2018 - 7
The NAFCU Journal January - February 2018 - Washington and Industry Briefs
The NAFCU Journal January - February 2018 - 9
The NAFCU Journal January - February 2018 - 10
The NAFCU Journal January - February 2018 - 11
The NAFCU Journal January - February 2018 - 12
The NAFCU Journal January - February 2018 - 13
The NAFCU Journal January - February 2018 - 14
The NAFCU Journal January - February 2018 - 15
The NAFCU Journal January - February 2018 - Growth Strategies
The NAFCU Journal January - February 2018 - 17
The NAFCU Journal January - February 2018 - Stepping Into the Future
The NAFCU Journal January - February 2018 - 19
The NAFCU Journal January - February 2018 - 20
The NAFCU Journal January - February 2018 - 21
The NAFCU Journal January - February 2018 - A Clear Path Forward
The NAFCU Journal January - February 2018 - 23
The NAFCU Journal January - February 2018 - 24
The NAFCU Journal January - February 2018 - 25
The NAFCU Journal January - February 2018 - Economic Outlook: It’s Complicated
The NAFCU Journal January - February 2018 - 27
The NAFCU Journal January - February 2018 - 28
The NAFCU Journal January - February 2018 - 29
The NAFCU Journal January - February 2018 - 30
The NAFCU Journal January - February 2018 - 31
The NAFCU Journal January - February 2018 - 32
The NAFCU Journal January - February 2018 - 33
The NAFCU Journal January - February 2018 - 34
The NAFCU Journal January - February 2018 - NAFCU 2018 Vendor Directory
The NAFCU Journal January - February 2018 - 36
The NAFCU Journal January - February 2018 - 37
The NAFCU Journal January - February 2018 - 38
The NAFCU Journal January - February 2018 - 39
The NAFCU Journal January - February 2018 - 40
The NAFCU Journal January - February 2018 - 41
The NAFCU Journal January - February 2018 - 42
The NAFCU Journal January - February 2018 - 43
The NAFCU Journal January - February 2018 - 44
The NAFCU Journal January - February 2018 - 45
The NAFCU Journal January - February 2018 - 46
The NAFCU Journal January - February 2018 - 47
The NAFCU Journal January - February 2018 - 48
The NAFCU Journal January - February 2018 - 49
The NAFCU Journal January - February 2018 - 50
The NAFCU Journal January - February 2018 - 51
The NAFCU Journal January - February 2018 - Executive Spotlight
The NAFCU Journal January - February 2018 - 53
The NAFCU Journal January - February 2018 - Management Insight
The NAFCU Journal January - February 2018 - 55
The NAFCU Journal January - February 2018 - Compliance Central
The NAFCU Journal January - February 2018 - 57
The NAFCU Journal January - February 2018 - Inside NAFCU Services
The NAFCU Journal January - February 2018 - 59
The NAFCU Journal January - February 2018 - From the President’s Desk
The NAFCU Journal January - February 2018 - Cover3
The NAFCU Journal January - February 2018 - Cover4
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