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NAFCU shares CU priorities ahead of NCUA chairman's Senate Banking testimony
Ahead of today's Senate Banking Committee hearing to discuss oversight of financial regulators, NAFCU Vice President of Legislative Affairs Brad Thaler shared key priorities that the association would like to see the NCUA address as credit unions work to serve their members during the pandemic. NCUA Chairman Rodney Hood is set to testify during the hearing with other banking regulators.
The hearing, set to begin at 2 p.m. Eastern, will be available via livestream. Acting Comptroller of the Currency Brian Brooks, FDIC Chairman Jelena McWilliams, and Federal Reserve Vice Chairman for Supervision Randal Quarles will appear alongside Hood. The same panel is set to go before the House Financial Services Committee Thursday.
In the letter, Thaler highlighted six main priorities that would provide credit unions with much-needed relief, including:
- expanding virtual meetings;
- managing unexpected share growth;
- additional investment opportunities;
- capitalizing interest on loan modifications;
- adopting broader capital reform; and
- finalizing an efficient and measured budget.
NAFCU Monday also sent a letter to the NCUA Board outlining the top priorities in further detail. Read the letter.
In addition to relief related to the ongoing pandemic, Thaler also shared the association's support of committee Chairman Mike Crapo's, R- Idaho., request for the agency to extend troubled debt restructuring to Jan. 1, 2022, and extending the CARES act's changes to the central liquidity facility beyond Dec. 31.
"As credit unions continue to help their members through this unprecedented time, this change would provide important relief that will ultimately benefit credit union members until certain loans are able to perform in normal circumstances," wrote Thaler.
Thaler also noted NAFCU's opposition to the NCUA's recent request on third-party vendor authority, highlighting that the association and its member credit unions believe that cybersecurity is an important issue but that there are better ways to address it.
Throughout the pandemic, NAFCU has worked closely with the NCUA, agencies to ensure credit unions' concerns are addressed and the industry is fully equipped to meet members' needs. NAFCU President and CEO Dan Berger met with Hood last week to discuss a number of issues, including the National Credit Union Share Insurance Fund, stress testing, and more.
NAFCU will monitor the hearing and provide an update to credit unions via NAFCU Today. The association will continue working closely with the NCUA and Congress to address credit unions' concerns amid the pandemic. Access NAFCU's coronavirus-related resources here.