NAFCU’s Thaler details CU priorities as Congress considers gov’t funding

In a letter sent Monday, NAFCU’s Brad Thaler outlined credit union priorities for the House and Senate as they consider an end-of-year government funding package and conclude legislative work for the 117th Congress.

Thaler, NAFCU’s vice president of legislative affairs, expressed strong opposition against any effort to expand NCUA examination authority over credit union third-party vendors. The association has advocated fiercely against these efforts, noting that although NAFCU believes in a strong NCUA, the association also believes that the agency “should stay focused on where its expertise lies—regulating credit unions.”

Thaler also reiterated opposition to any extension of debit interchange routing requirements to credit cards, as proposed in the Credit Card Competition Act (CCCA).

“This change would function as a backdoor price control on credit card transactions and would affect financial institutions of all sizes, regardless of the proposed exemption, and could greatly increase fraud costs as merchants select cheaper but less secure networks to process transactions,” wrote Thaler.

 

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