NAFCU advocacy secures key wins for the CU industry in 2022
NAFCU is preparing for another year of unwavering federal advocacy, award-winning compliance assistance, and top-rated education resources in 2023. With the support of credit union members, the association secured several key wins in 2022.
- End-of-year legislation: While Congress worked to finalize the fiscal year 2023 National Defense Authorization Act (NDAA), the association successfully worked closely with lawmakers to ensure the final bill was free of several NAFCU-opposed provisions. President Joe Biden last week signed the final NDAA, which included some provisions the association is supportive of related to fair hiring practices and easily accessible data published by federal financial regulators. In addition, the association’s advocacy ensured that several NAFCU-opposed provisions – including those that would have extended debit interchange routing requirements to credit cards and given the NCUA expanded third-party vendor authority – were excluded from the $1.7 trillion omnibus spending bill. The final bill is expected to be signed by President Biden this week.
- Credit Union Governance Modernization Act: Congress passed this legislation as part of a larger spending package earlier this year that allows credit unions to more easily expel members who pose a threat to credit unions and their employees. NAFCU has long advocated for this modernization and the association continues to engage the NCUA on this issue as it works to implement the law.
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