27 THE NAFCU JOURNAL JULY–AUGUST 2022 NAFCU 2021 Annual Report 4 NAFCU is committed to securing regulatory relief and flexibility for credit unions and in 2021 the industry made great strides toward overcoming the operational challenges and economic struggles stemming from the coronavirus pandemic. NAFCU’s bold advocacy strategy secured several legislative and regulatory wins to ensure credit unions and their 130 million members were not plagued with unnecessary roadblocks on the path to continued economic recovery. WORKING CLOSELY WITH CONGRESS NAFCU led efforts to oppose several burdensome legislative policies, including a proposal to enhance IRS account reporting in fiscal year 2022. While the intent of the proposal was to identify tax fraud, the efficacy of the proposal’s requirements was unclear. NAFCU highlighted not only the compliance burdens this proposal would impose on credit unions but also the privacy risks it would create for credit union members. In addition to directly sharing opposition ADVOCACY FIGHTING FOR INDUSTRY RELIEF AND GROWTH of this proposal with Members of Congress, NAFCU engaged in grassroots efforts to garner support from members to elevate and strengthen the credit union voice in Washington. NAFCU also staunchly opposed a provision to grant the Small Business Administration (SBA) with additional direct lending authority as the provision would undermine existing, successful public-private partnership SBA loan programs while potentially limiting access to capital for small businesses from credit unions. Throughout 2021, NAFCU also supported several pieces of legislation that would have a positive impact on the industry. The association sought and led the charge in advancing the Credit Union Government Modernization Act, which modernizes the Federal Credit Union Act’s provisions related to member expulsion in order to keep credit unions, their members, and staff safe from illicit behavior. NAFCU President and CEO Dan Berger and SBA Administrator Isabella Casillas Guzman signed a new Strategic Alliance Memorandum aimed at strengthening credit unions’ ability to fund loans for small businesses.
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