NAFCU Journal January February 2022

33 We’ll continue to tell your stories and take the right positions on issues—even when others back down. Because to us, it’s personal. We’ll stop at nothing to ensure a legislative and regulatory environment that promotes viability and growth for credit unions. That’s why we’re working tirelessly for you to: GROWTH › Preserve the credit union tax exemption › Ensure credit unions can establish healthy fields of membership to better serve your communities › Revise outdated provisions within the FCUA Act that create structural barriers to growth › Eliminate additional statutory authority for NCUA to assess a Share Insurance Fund premium DATA PROTECTION › Support appropriate but not excessive examinations of credit union cybersecurity and data protection processes › Ensure retailers pay their share for costs associated with data breaches › Oppose efforts to expand interchange caps or other payment restrictions on credit unions › Establish a federal data privacy standard that aligns with NAFCU’s principles on protecting consumers and harmonizing existing laws TECHNOLOGY & INNOVATION › Encourage NCUA to foster strong fintech partnerships to help credit unions provide the products and services your members want and need › Support credit unions’ ability to provide custodial services for digital assets and utilize blockchain technology › Adopt fast, real-time payments implementation to meet changing member expectations and competitive demands REGULATORY RELIEF › Remove the CFPB’s examination and enforcement powers over credit unions › Retain the NCUA Board’s three-member, bipartisan board structure › Oppose efforts to place new restrictions on lending and credit reporting that can threaten credit unions’ ability to meet the needs of your members FAIR MARKET › Ensure all lenders are following the same rules of the road and are protecting consumers by making fintechs, predatory payday lenders and other non-regulated entities subject to oversight › Hold third-party application providers accountable for fraud › Remove or modify the member business lending cap to provide economic stimulus without costing taxpayers NAFCU | Your Direct Connection to Federal Advocacy, Education & Compliance