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Since its founding in 1967, NAFCU has been a highly effective advocate for federal credit unions. Over the years, the need for federal advocacy has grown exponentially.

dan bergerThis has been particularly true since the July 2010 implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the establishment of the CFPB. We knew this behemoth of a law would exact an extraordinary toll on credit unions. In fact, when Congress proposed creating the CFPB, NAFCU was the only financial services trade association to oppose placing credit unions under the bureau’s direct regulatory authority.

Strengthening the federal charter and pursuing regulatory relief for federal credit unions is at the core of NAFCU’s advocacy efforts. Unfortunately, we have lost 1,250 federally insured credit unions, more than 17% of the industry, since the second quarter of 2010. The overwhelming majority of these were smaller institutions below $100 million in assets.

To stem the continuous wave of federal regulations, NAFCU released a Five Point Plan for Credit Union Regulatory Relief and introduced a top 10 list of regulatory requirements that should be eliminated or amended.

 

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