Newsroom
December 18, 2019
NAFCU sends key agencies 2019 report on CU trends, issues
NAFCU President and CEO Dan Berger this week sent the association's 2019 Report on Credit Unions to several agencies to ensure they understand the issues facing the industry and how credit unions are working to support their 119 million members. Members of NAFCU's Board of Directors previously met with Federal Reserve Governor Michelle Bowman to share results from the report.
Berger sent the report to:
- Treasury Secretary Steven Mnuchin, with whom NAFCU has previously shared information on credit union-bank mergers, housing finance reform, and fintech oversight;
- Federal Housing Finance Agency Director Dr. Mark Calabria, who attended NAFCU's Congressional Caucus and the association works closely with on housing finance reform;
- Financial Crimes Enforcement Network Director Kenneth Blanco, whose agency works with credit unions on Bank Secrecy Act/anti-money laundering trends;
- NCUA Chairman Rodney Hood and Board Members J. Mark McWatters and Todd Harper, with whom NAFCU works closely on all credit union issues, including exam modernization, regulatory relief, and cybersecurity;
- CFPB Director Kathy Kraninger, who also spoke at NAFCU's Congressional Caucus and NAFCU is engaged with on several issues including data collection, innovation policies, and more;
- Federal Communications Commission Chairman Ajit Pai and Commissioner Michael O'Rielly, with whom NAFCU advocates for reforms to the Telephone Consumer Protection Act to ensure credit unions can contact members with important financial information; and
- Small Business Administration Acting Administrator Christopher Pilkerton, with whom NAFCU works to strengthen credit unions' small business lending.
The 2019 NAFCU Report on Credit Unions details the latest issues and trends affecting credit unions as the industry continues to grow and strengthen, despite regulatory burdens and challenges. It includes information on five key areas:
- credit union financial conditions and their role in the economy;
- credit union service to members;
- trends in credit union membership;
- NAFCU policy priorities; and
- financial technology.