Newsroom
CUs: Share your experience with Congress, oppose efforts that could harm industry
NAFCU remains committed to ensuring a regulatory and legislative environment that allows credit unions to serve members and thrive throughout coronavirus relief efforts. In a new message to members, NAFCU Director of Political Affairs Chad Adams encouraged credit unions to join the association in its advocacy to push back against legislative efforts that could harm the industry.
Recently, some trade groups have advocated to extend the Durbin Amendment of the Dodd-Frank Act – which places a price cap on interchange fees on debit card transactions – to credit cards. NAFCU has long urged for a repeal of the Durbin Amendment, arguing that merchants have not passed the benefits on to consumers while retail prices keep rising.
"When a price cap was set on debit interchange rates in the Dodd-Frank Act, the retail industry did not follow through on their promise to pass on interchange fee savings to their customers," wrote Adams. "Now they are asking for the same failed price controls to be extended to credit card transactions in response to the pandemic."
NAFCU's Grassroots Action Center is a great resource for credit unions to easily contact lawmakers to share how their actions are impacting individual institutions, members, and communities – and a new message opposing the attempt to extend interchange price caps. The one stop shop also has voter registration, candidate lookup, and more.
As credit unions continue to provide top-notch products and services to members and address coronavirus impacts, NAFCU has several resources designed to aid operations.
Credit unions are encouraged to contact Adams directly or members of NAFCU staff for assistance with outreach to members of Congress or questions on NAFCU's grassroots advocacy efforts. For more on how NAFCU has stepped up its advocacy efforts during the coronavirus pandemic, association member credit unions can access a recording of NAFCU's Q1 Member Call-In.
NAFCU will continue to keep credit unions updated of any provisions that could negatively impact their business and members. Access all NAFCU's advocacy, compliance, and education resources online, anytime.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 The Evolving Role of the CISO in Credit Unions Listen On: Key Takeaways: [01:30] Being able to properly implement risk management decisions, especially in the cyber age we live in, is incredibly important so CISOs have a lot of challenges here. [02:27] Having a leader who can really communicate cyber risks and understand how ready that institution is to deal with cyber events is incredibly important. [05:36] We need to be talking about risk openly. We need to be documenting and really understanding what remediating risk looks like and how you do that strategically. [16:38] Governance, risk, compliance, and adherence to regulatory controls are all being looked at much more closely. You are also seeing other technology that is coming into the fold directly responsible for helping CISOs navigate those waters. [18:28] The reaction from the governing bodies is directly related to the needs of the position. They’re trying to help make sure that we are positioned in a way that gets us the most possibility of success, maturing our postures and protecting the institutions. Web NAFCU digital@nafcu.org America/New_York public
The Evolving Role of the CISO in Credit Unions
preferred partner
DefenseStorm
Podcast
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.