Written by Alexander Monterrubio, Director of Regulatory Affairs
I wanted to update you all on three significant events in government affairs land which have made the last few weeks particularly interesting… and busy.
Last week, Acting Chairman McWatters outlined a list of priorities that the National Credit Union Administration (NCUA) will pursue under his leadership. In other news, two credit union representatives will be testifying this week in separate hearings in front of the House Small Business Committee. Also, on Thursday, March 9, NAFCU will be hosting a meeting between federal regulators, credit union trade associations, and credit union representatives to discuss the compliance burdens created by the Military Lending Act.
As you can see, it's an exciting time here at NAFCU!
McWatters Outlines His Priorities
In his first public speech in his new role, Acting Chairman McWatters provided a list of 15 priorities for 2017. Most notably, these priorities include overarching goals such as "thoughtfully loosening" regulations on credit unions and creating a streamlined and efficient budget process.
Here's the full list:
- Determining the feasibility of terminating the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) early;
- Finalization of the second Field of Membership rule;
- Revisiting Risk-Based Capital;
- Continued analysis of extended exams;
- Re-evaluation of the stress-testing rule;
- Streamlined budget and greater transparency;
- Improved examination appeals process;
- Formation of a Credit Union Advisory Council;
- Increased federal agency collaboration;
- Strengthen the dual-chartering system;
- Greater assistance for credit unions serving their members;
- Preserving and empowering small and minority- and women-operated credit unions;
- Loosening of regulations;
- Transparent legal contingency fees; and
- Legislative improvements to the Federal Credit Union Act.
Over the years, NAFCU has tirelessly advocated for solutions on a number of these issues. In particular, NAFCU is encouraged that Chairman McWatters has declared his intent to specifically target issues related to regulatory relief, prudent management of NCUA's operating budget, and rebates from the TCCUSF, all of which are at the top of NAFCU's advocacy agenda. We are looking forward to continuing to work with Chairman McWatters to make sure these priorities are achieved.
NAFCU Testifying in HSBC
Today on Capitol Hill, Jim Mooney, President and CEO of Chevron Federal Credit Union, will be testifying on behalf of NAFCU in front of the House Small Business Committee. Mr. Mooney will be discussing how cybersecurity and data security issues impact credit unions and presenting NAFCU's principles for data security reform and the need for a legislative solution to address this ever-present threat. For those of you interested, Mr. Mooney's testimony is expected to begin at 11:00 AM EST and can be viewed via livestream.
Separately, tomorrow morning, Sonya McDonald, Executive Vice President and Chief Lending Officer at Randolph-Brooks Federal Credit Union will be testifying on behalf of NAFCU in front of the House Small Business Subcommittee on Investigations, Oversight, and Regulations. Ms. McDonald will be discussing the Small Business Administration's 7(a) Loan Program and how credit unions participate in the program. For those of you interested, Ms. McDonald's testimony is expected to begin at 11:00 AM EST and can also be viewed via livestream.
Join me in wishing them the best of luck!
NAFCU's MLA Meeting
Also this week, NAFCU is hosting agency staff from the Defense Department, CFPB and NCUA for a meeting with credit union representatives from all across the country to discuss the Military Lending Act. The credit unions participating in this meeting will have the opportunity to directly speak with federal regulators about the compliance challenges presented by the current requirements of the MLA. We intend for this meeting to serve as an open forum for credit unions to voice their concerns while also outlining how all stakeholders can work together to ensure servicemembers and their families continue to have access to high-quality financial products and services.
I am very excited about all of these events and I hope you are too! As always, please feel free to reach out to me directly at email@example.com or 703-842-2244 for the latest news from the regulatory affairs front.
Upcoming Webcasts. NAFCU has a couple of webcasts coming up, including a free webcast on tackling the exams for our NAFCU Certified Compliance Officer (NCCO) designation. Folks planning or considering joining us in Arlington, VA from April 10 through April 14 for our spring Regulatory Compliance School will want to tune in for study tips and exam success strategies!
Live Webcast: Thursday, March 9 | 2:00-3:30 p.m. ET
Live Webcast: Tuesday, March 14 | 2:00-2:30 p.m. ET