As credit unions’ voice in Washington, NAFCU strives daily to provide the industry with unwavering federal advocacy, award-winning compliance assistance, and top-rated education resources. With the support of credit union members, the association secured several key wins in 2022 and continues to fight for more.
- 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.
- Community Development Financial Institutions (CDFIs): Noting the impact CDFI-certified credit unions have on local communities, NAFCU has called on Congress to provide more funding and a better CDFI certification process to help financial institutions, especially credit unions, better support underserved areas. The Biden Administration recently announced an investment of $8.28 billion in support of CDFIs and minority depository institutions (MDIs) and legislation to strengthen CDFIs’ access to long-term capital have been advanced in Congress. The association also provided testimony before the Senate Banking Committee on these issues and continues to raise awareness – including in a recent meeting with the White House Office of Public Engagement – on the need for better communication and a streamlined application process from the CDFI Fund.
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