Newsroom
NAFCU outlines needed regulatory relief for credit unions ahead of hearing
Ahead of today’s House Financial Services Subcommittee on Financial Institutions and Monetary Policy hearing on revamping and revitalizing banking, NAFCU’s Brad Thaler offered input on areas of financial services regulation that need updating to help credit unions continue to best serve their members.
During the hearing, the subcommittee will discuss data privacy legislation to amend the Gramm-Leach-Bliley Act being worked on by Chairman Patrick McHenry, R-N.C. The bill contains robust state pre-emption that is part of our data privacy principles NAFCU’s principles for a federal data privacy standard. In the letter, Thaler, NAFCU’s vice president of legislative affairs, calls on the subcommittee to consider the association’s principles when engaging on the topic of a financial data privacy bill, as the association has long advocated for a national data privacy standard. Yesterday, ahead of the hearing, McHenry released an updated version of his privacy bill. NAFCU is reviewing the updated proposal.
Thaler offered thoughts on three other bills that will be discussed during the hearing:
- on the Bank Service Company Examination Coordination Act, Thaler reiterated the association’s opposition to expanding the NCUA’s authority to examine third-party vendors for credit unions; and
- on the Promoting Access to Capital in Underbanked Communities Act and the Promoting New and Diverse Depository Institutions Act, he urged the subcommittee to include legislation allowing credit unions to add underserved areas to their fields of membership with all efforts to help underserved and underbanked communities.
In addition, he offered additional areas where credit unions would urge the subcommittee to consider action, such as:
- overburdensome regulatory actions from the CFPB, including the bureau’s current ignoring of provisions included in the Dodd-Frank Act to protect community institutions, such as its authority under Section 1022 to provide exemptions to smaller entities and its requirements to hold Small Business Regulatory Enforcement Fairness Act (SBREFA) panels for rules that will impact smaller entities – among other topics NAFCU has been vocal on;
- modernization of the Federal Credit Union (FCU) Act, including modernizing lending provisions – such as the burdensome member business lending cap – as well as investment options for credit unions and flexibility for the FCU maximal interest rate; and
- ensuring fintech companies and regulated financial institutions compete on a level playing field where smart regulations and consumer protections apply to all participants.
Read the full letter. The association will monitor the hearing – happening at 10 a.m. Eastern – and will remain in close contact with Congress to ensure credit unions voices are heard.
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
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
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
Get daily updates.
Subscribe to NAFCU today.