Two Virginia credit unions say they’ve disaffiliated with NAFCU and will retain only their CUNA memberships.
Because credit unions already generally abide by new final qualified mortgage and ability-to-repay rules released Jan. 10 by the Consumer Financial Protection Bureau, the most difficult compliance burden will be to document the process, said John Bundy, compliance manager for CUNA Mutual.
NAFCU's Becker points to provisions aimed at discouraging "frivolous lawsuits, claims or defenses."
Berger said NAFCU’s current strengths in advocacy, education and compliance will continue to be top priorities after he takes over on Aug. 1.
According to industry veteran John McKechnie, who was working on Capitol Hill back in 1986, the last time credit union tax exemption was on the Congressional chopping block, a “volatile” environment on Capitol Hill means credit unions should be vigilant when it comes to protecting their tax-exempt status in 2013.
Fred Becker to retire as Dan Berger takes over on July 31.
Billion-dollar Houston credit union retains membership in NAFCU.
Trade group hits the Hill as Congress begins new session.
NAFCU said Thursday it has promoted Tessema Tefferi to senior regulatory affairs counsel and hired two more attorneys to work in that area.
NAFCU and CUNA both spoke out Thursday against the new annual budget approved earlier in the day by the NCUA Board.