Newsroom
NAFCU pushes back on banker efforts to limit CU service to low-income individuals, military members
NAFCU Vice President of Legislative Affairs Brad Thaler yesterday pushed back against bank trade associations’ criticism of the NCUA's recent effort to allow certain members of the military to be considered when determining a low-income credit union (LICU) designation.
"It is disappointing that banking trade groups, in their efforts to stifle competition and maximize profits, would oppose efforts to maximize financial assistance for these vulnerable individuals during the current public health and economic crises," wrote Thaler in a letter to the Senate Banking Committee.
Last week, the NCUA announced it is taking a new approach as it relates to military personnel. The NCUA will now consider military personnel without a street address "in a similar manner as students attending colleges, universities, vocational or technical schools."
In the letter to Committee Chairman Mike Crapo, R-Idaho, and Ranking Member Sherrod Brown, D-Ohio, Thaler noted that this decision "is an important step toward promoting financial inclusion that fits with the goals of the low-income designation for credit unions."
In response to NCUA’s announcement last week, bank trade groups continued their campaign against the credit union industry and its commitment to putting people over profit by advocating against the NCUA’s new policy, including in a letter to the Senate Banking Committee in conjunction with NCUA Chairman Rodney Hood’s testimony before the committee this week.
"While banking trades choose to attack efforts to do more to help our nation’s military members during these uncertain times, credit unions will continue their focus on providing the best products and services to American consumers. We hope that the banks will refocus their efforts and do the same," Thaler said in yesterday’s letter.
NAFCU will continue to defend the credit union industry from the banking industry’s baseless attacks, and the association’s advocacy team will continue to work with Congress and federal regulators to advance important relief measures helpful to credit unions and their 120 million members.
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.