In 2022, everyday life started to return to normal, but the financial impacts and economic uncertainty stemming from two years of a worldwide pandemic continued to impact the country. However, because of your commitment to your 135 million members, the credit union industry remained steadfast and experienced growth as a result. Throughout the year, our industry stepped up to fill voids in underserved communities and for Americans in need of financial products and services as we recovered from the pandemic. Banks continued their trend of closing branches while our industry opened them. Even in a challenging interest rate environment, credit unions offered affordable auto, mortgage, and business loans to millions of consumers. You pursued smart partnerships and innovative solutions to meet your members’ needs. That’s the credit union difference. That’s why NAFCU fights passionately for you every day and was able to secure several legislative and regulatory wins for the industry in 2022, while providing educational opportunities, events, and increased compliance support to ensure your continued success. Through the guidance of NAFCU’s Board of Directors and direct feedback from NAFCU member credit unions, the association stayed focused on its mission: providing extreme member service and advocating on behalf of the credit union industry. Our advocacy priorities centered on growth, regulatory relief, innovation, a fair market, and protecting consumers’ data. With you bolstering our grassroots advocacy efforts, Congress enacted the Credit Union Governance Modernization Act to protect your institutions and employees. Lawmakers also recognized the consequences of putting more caps on interchange fees and refused to include provisions in end-of-year bills. We successfully defended against banker attacks on the industry’s tax-exempt status and mergers. We continued to build broad bipartisan support for allowing all credit unions to add underserved areas to fields of membership and saw increased investment in Community Development Financial Institutions. In addition, we fought to limit regulatory reporting burdens and secured guidance on innovative partnerships. NAFCU remained agile, efficient, and prudent stewards of member dues. Maintaining a healthy budget allowed us to invest in resources to better serve you. Our research team analyzed the latest economic data to keep you informed of trends that could impact your portfolios or members’ financial health. Our compliance team maintained its responsiveness, answering an average of 25 questions from credit unions each business day. At the end of 2022, NAFCU’s membership represented 63 percent of federally-insured credit union assets, 47 percent of federally-insured state-chartered credit union assets, and 78 percent of federal credit union assets – all increases from the previous year. Such growth is a testament to NAFCU employees’ dedication to the industry and the value NAFCU member credit unions see in the association. We take pride in representing credit unions and your members across the entire country, and we will continue to fight for the industry’s success. NAFCU CHAIR AND PRESIDENT’S REPORT B. Dan Berger | NAFCU President and CEO Gary Grinnell | NAFCU Board Chair 21 THE NAFCU JOURNAL July–August 2023
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