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 members of the new Congress a letter Sunday outlining the trade group’s priorities.
- Fostering industry growth by preserving the credit union tax exemption, while modernizing capital standards and overhauling the housing finance system in a way that does not punish community financial institutions, such as credit unions.
- Ensuring that credit unions have the same opportunities as banks and nonregulated entities to serve consumers, including fighting back “meritless attacks” on the credit union industry by banks and others and adopting a variable interest rate ceiling.
- Encouraging federal standards for data privacy and data security and ensuring that retailers pay their share of the cost associated with data breaches.
- Providing “regulatory relief” through such measures as modernizing the examination process with clear virtual procedures and clarifying the Unfair, Deceptive or Abusive Acts or Practices rule.
- Fostering a strong NCUA through such changes as ensuring that the agency is the only industry regulator. This would eliminate the regulatory authority of the CFPB over credit unions.