ADVOCACY In 2022, NAFCU remained committed to creating a legislative and regulatory environment that allows credit unions – and their 135 million members – to thrive. NAFCU’s bold advocacy blueprint aimed to create regulatory relief, foster credit union innovation, grow membership, and level the playing field between credit unions, large banks, and underregulated market participants. This strategy secured several key wins for the industry and American consumers. ON CAPITOL HILL Throughout 2022, NAFCU fought back against bankers’ attacks by continuing efforts under the award-winning Big Bank Bullies campaign to highlight the difference between communityfocused credit unions and profit-seeking banks. In addition, NAFCU led efforts against legislative attempts to extend debit interchange routing requirements to credit cards and grant the National Credit Union Administration (NCUA) expanded third-party vendor authority. NAFCU’s award-winning advocacy team called on Congress to provide more funding and sought improved Community Development Financial Institution (CDFI) Fund communication and a better certification process. A NAFCU member credit union witness testified before the Senate Banking Subcommittee on Financial Institutions and Consumer Protection on these issues and more. NAFCU secured the introduction of, and bipartisan support for, multiple pieces of legislation to provide credit unions with more flexibility, including passage and enactment of the Credit Union Governance Modernization Act (CUGMA). This bill modernized the Federal Credit Union Act’s provisions related to member expulsion to keep credit unions, their members, and staff protected from illicit behavior. Additionally, NAFCU’s efforts led to House passage of legislation that would allow all credit unions to add unserved areas to their field of membership and a bill to reduce the number of required board meetings for well-run credit unions. The association will continue building on this support to seek their enactment this Congress. SECURING AN ENVIRONMENT THAT PROMOTES GROWTH AND REDUCES RED TAPE 23 THE NAFCU JOURNAL July–August 2023
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