US credit unions highlight advocacy priorities for 2021

Nafcu says it will continue to work with lawmakers to ensure they are 'fully aware of the legislative and regulatory needs of credit unions'

With a new Congress sworn in on 3 January, US credit unions have revealed their advocacy agenda for the year ahead.

On 4 January the National Association of Federally-Insured Credit Unions (Nafcu) published its list of priorities. It said it would continue its work raising awareness among Congress members of the legislative and regulatory needs of the sector.

Nafcu’s priorities include campaigning for legislation and regulation that would support credit unions as they grow their membership, loans and retained earnings.

The apex also promises to fight back against attacks from some banks, which in recent years have been calling for an end to tax exceptions for credit unions. Furthermore, Nafcu says it will campaign for regulatory standards for fintech and other non-depository institutions, and for the streamlining of regulation that allows credit unions to put more resources into serving members. 

Nafcu added that it will continue to foster good relations with the National Credit Union Administration (NCUA), the sector’s regulator, and encourage federal standards for data privacy and data security that recognise existing regulatory requirements for credit unions. 

Nafcu president and CEO Dan Berger said: “Credit unions have worked tirelessly to help Americans overcome adversity and hardship amid the coronavirus pandemic. For both new and returning members of Congress, it is vital they understand the good work not-for-profit credit unions have done and will continue to do to lift American families and communities up during these uncertain times.
 
“We look forward to working with lawmakers on Capitol Hill as well as the Biden Administration to make sure credit unions have a strong seat at the table, and that they are empowered to help our nation and our economy fully recover. It is our mission to deliver this message to policymakers in 2021 and beyond.”

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