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NAFCU is preparing for another year of unwavering federal advocacy, award-winning compliance assistance, and top-rated education resources in 2023. With the support of credit union members, the association secured several key wins in 2022.

• End-of-year legislation: While Congress worked to finalize the fiscal year 2023 National Defense Authorization Act (NDAA), the association successfully worked closely with lawmakers to ensure the final bill was free of several NAFCU-opposed provisions. President Joe Biden last week signed the final NDAA, which included some provisions the association is supportive of related to fair hiring practices and easily accessible data published by federal financial regulators. In addition, the association’s advocacy ensured that several NAFCU-opposed provisions – including those that would have extended debit interchange routing requirements to credit cards and given the NCUA expanded third-party vendor authority – were excluded from the $1.7 trillion omnibus spending bill. The final bill is expected to be signed by President Biden this week.
• Credit Union Governance Modernization Act: Congress passed this legislation as part of a larger spending package earlier this year that allows credit unions to more easily expel members who pose a threat to credit unions and their employees. NAFCU has long advocated for this modernization and the association continues to engage the NCUA on this issue as it works to implement the law.
• Community Development Financial Institutions (CDFIs): Noting the impact CDFI-certified credit unions have on local communities, NAFCU has called on Congress to provide more funding and a better CDFI certification process to help financial institutions, especially credit unions, better support underserved areas. The Biden Administration earlier this year announced an investment of $8.28 billion in support of CDFIs and minority depository institutions (MDIs) and legislation to strengthen CDFIs’ access to long-term capital have been advanced in Congress. The final omnibus legislation also includes increased funding for CDFIs and report language that directs the CDFI Fund to listen to stakeholders regarding its new application process. The association provided testimony before the Senate Banking Committee on these issues and continues to raise awareness – including in a recent meeting with the White House Office of Public Engagement –  on the need for better communication and a streamlined application process from the CDFI Fund.
• Defending against bad policies: Throughout 2022, the association fought back against bankers’ attacks by continuing efforts under the award-winning Big Bank Bullies campaign to highlight the difference between community-focused credit unions and profit-seeking banks. In addition, NAFCU continues to advocate against legislative efforts that would negatively impact credit unions, such as extending debit interchange routing requirements to credit cards, as well as granting the NCUA with expanded third-party vendor authority.
• Supporting good policies: NAFCU’s advocacy has led to several bill introductions  and activity that would benefit the credit union industry, including the bipartisan Credit Union Board Modernization Act that would revise outdated requirements related to credit union board of directors meetings, legislation to allow all types of credit unions to add underserved areas to their fields of membership, the SAFE Banking Act to provide clarity for providing financial services to state-authorized marijuana-related businesses, and legislation to make permanent enhancements to the Central Liquidity Facility.

In addition to these advocacy accomplishments, the association’s Compliance Team has answered nearly 6,000 compliance questions this year and published more than 160 blog posts, articles, charts, guides, and tools totaling more than 1,200 pages of compliance resources. NAFCU also hosted 13 in-person and virtual events and provided more than 18,000 hours of content to more than 2,700 credit union professionals through its Online Training Center.

Read more about the association’s 2022 accomplishments and stay tuned to NAFCU Today for ongoing efforts as NAFCU preps its 2023 advocacy agenda on behalf of the credit union industry and its 134 million members.