Credit unions in the US have gathered in Washington DC to meet with and lobby lawmakers, regulators and officials on behalf of the sector.
The National Association of Federally-Insured Credit Unions (Nafcu) is leading the caucus, with chief executive Dan Berger telling sector representatives: “You are our messengers and the stories that you tell on Capitol Hill are incredibly powerful.”
He highlighted a number of issues affecting credit unions, including the ongoing battle to preserve credit union tax exemption, reforms to the Community Reinvestment Act reforms, and banker attacks on the industry, which have prompted Nafcu to highlight the credit union difference to legislators.
Mr Berger said Nafcu continues to lobby the Trump administration on its proposals for housing finance reform, is pushing for a level regulatory playing field for fintechs, and has achieved some relief for credit unions on the current expected credit loss the standard.
Nafcu is also lobbying for a national standard on data security and Mr Berger urged credit unions to share how they – and their members – are impacted by breaches.
Banking services for the cannabis industry is also an issue, and the credit union caucus includes a panel discussion on how credit unions should approach this.
US sector website Credit Union Journal says other key issues to be discussed at the caucus include regulations around credit union purchases of banks, and arguments with courts and regulators over field of membership rules.
