NAFCU Highlights Advocacy Agenda in Letter to Lawmakers

Congress and federal regulators should protect the credit union tax exemption, while ensuring that the institutions have the same opportunities to serve consumers as banks and other financial companies, NAFCU officials said, as they released their 2021 advocacy agenda. “Credit unions have worked tirelessly to help Americans overcome adversity and hardship amid the coronavirus pandemic,” said NAFCU President/CEO B. Dan Berger. “For both new and returning members of Congress, it is vital they understand the good work not-for-profit credit unions have done and will continue to do to lift American families and communities up during these uncertain times.” Berger sent

CUNA, NAFCU Say PPP Rules Needed Before Loans Are Made

Financial and industry trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, would like guidance and rules for the new Paycheck Protection Program issued soon so that there will not be constant updates and changes like those that occurred during the first PPP. The groups sent a letter to the Small Business Administration and Treasury Department, suggesting comprehensive and timely guidance on the program rules so that a smooth implementation can occur.

Bankers Say NCUA Subordinated Debt Rule Undermines Credit Union Mission

The National Credit Union Administration board’s decision to allow low-income, complex, and new credit unions to issue subordinated debt is another sign that the industry is eroding the mission of the institutions, banking lobbyists charged this week.

“This rule is yet another example of the NCUA pushing the envelope and expanding credit union powers well beyond limits justifying the industry’s tax exemption,” Rebeca Romero Rainey, president/CEO of the Independent Community Bankers of America said Thursday.

The NCUA board approved a final rule Thursday allowing credit unions to issue subordinated debt for purposes of regulatory capital treatment.