10 FOCUSREPORT/2021 Regulatory OutlookChange is inevitable in Washington. Admin- istrations shift, new regulatory heads areconfirmed, and the direction ofpublic policy pivots. New politicalwinds are blowing in our nation’scapital and NAFCU is adjusting itssails to propel our advocacy efforts forward. But our sights areset on the same end goal: Ensuring a regulatory environmentthat allows credit unions to thriveand better serve their 123 millionmembers.
With change on the horizon,NAFCU will continue to presspolicymakers to provide creditunions with the ability to accessevery tool in the toolbox to servetheir members. This is especiallytrue as we grapple with a worldwide pandemic and continuedeconomic uncertainty.
Leading With a BoldAgenda
NAFCU’s advocacy focuses solely on the needs of credit unions.That will be no different in 2021,and we will fight on behalf of thecredit union industry with enthusiasm. Our top priorities include:• Supporting legislation and regulation that helps credit unionsgrow and better serve theirmembership;
• Fighting back against banker attacks and working to establishregulatory standards for fintech and other non-depositoryinstitutions;
• Promoting clear rules of theroad and streamlined regulation that allows credit unionsto put more resources towardserving members;
• Advocating for the NCUA to
continue to be the sole regula-
tor of credit unions; and
• Encouraging federal standards
for data privacy and data secu-
rity that recognize existing reg-
ulatory requirements for credit
unions.
As new administration offi-
cials and agency heads assume
their roles, we see indications of a
regulatory regime that will focus
on consumer protection and rule-
makings to address risky behaviors
and help our nation and consum-
ers recover from the pandemic.
NAFCU stands ready – and
is proud – to go to bat for credit
unions.
Welcoming New Leadership
at the NCUA
Recently, Todd Harper was named
chairman of the NCUA. During
his years of work at the NCUA,
NAFCU has built a strong relation-
ship with Chairman Harper, and
we spoke with him shortly after he
was selected to lead the agency.
Since then, the chairman has
made clear that he believes the
NCUA should focus on capital
and liquidity, consumer financial
protection, cybersecurity, and di-
versity, equity and economic in-
clusion. NAFCU will continue to
work with the NCUA, maintaining
our top priority to ensure credit
unions have a regulatory environ-
ment that encourages – not stifles
– growth and innovation.
NAFCU will remain fully en-
gaged with the agency on these
issues, and we will continue to
advocate for expanding access to
the industry’s safe, affordable fi-
nancial products in underserved
areas, supporting
small businesses and
members recovering
from the pandemic,
and obtaining effec-
tive regulation.
Managing Chang-
ing Priorities at
the CFPB
While current Fed-
eral Trade Commis-
sion Commissioner
and CFPB Director
nominee Rohit Cho-
pra awaits his con-
firmation hearing,
President Joe Biden has named
Dave Uejio as acting director of
the agency.
Wasting no time in pivoting pol-
icy direction, Acting Director Uejio
announced the bureau will restart
supervising credit unions with over
$10 billion in assets for compliance
with the Department of Defense’s
Military Lending Act rule. With this
change, credit unions should pre-
pare for examiners to review this
area in upcoming exams.
While there is no telling how
long Uejio will hold the position,
he is likely to leave his mark at the
agency. NAFCU has
enjoyed a strong rela-
tionship with bureau
leadership over the
years, and our team
will continue to en-
gage with the acting
director. Additionally,
we look forward to
hearing more about
Commissioner Cho-
pra’s views on regu-
lation and consumer
protection during the
confirmation process.
The bureau has an
important mission
and role in safeguarding American
consumers, and NAFCU is actively
encouraging the agency to tailor
regulations to reign in bad actors
while allowing credit unions to
successfully serve their 123 million
members. While often regulation
is well-intentioned, we must fight
back against harmful change.
Working With a Democratic
Controlled Congress
NAFCU continues to push for ad-
ditional relief measures on many
fronts, including within Congress.
With Democrats in control of the
Senate and the House of Repre-
sentatives by tight margins, we see
opportunity for bipartisan agree-
ment to advance several key re-
forms important to credit unions.
Our award-winning advocacy
team is actively advocating for
increased Community Develop-
ment Financial Institution fund-
ing to support certified credit
unions serving low-income com-
munities, member business lend-
ing reform, and allowing all credit
unions to include underserved
communities within their fields
of membership, among other im-
portant policies.
Credit unions are popular in
Washington, and we have strong
supporters on both sides of the
aisle. In the 117th Congress, NAF-
CU will focus on advancing bipar-
tisan legislation that moves the
needle for credit unions.
With NAFCU steadfast in itssupport and advocacy for creditunions, I believe the future isbright for our industry. NAFCUwill continue to fight to ensurecredit unions have the tools theyneed to support their members whether there be storms orsmooth sailing ahead. n
GUEST OPINION
Going to Bat for Credit Union Advocacy
Carrie HuntEVP of GovernmentAffairs and GeneralCounselNAFCUWashington, D.C.
