Regulatory & Compliance

The fight to increase the current 12.25% member business lending cap has been a long and arduous one.

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.

Regulatory compliance, invoicing and other areas that may have been under the priority radar a few years ago, have aggressively come to the forefront at many credit unions.

After 15 months in conservatorship, the NCUA liquidated the $259 million Chetco FCU of Harbor, Ore., effective Dec. 31.

The NCUA Board will experience significant turnover in 2013 when President Obama is expected to appoint candidates to fill two out of three spots left vacant by Gigi Hyland, who resigned in October 2012, and Michael Fryzel, whose term ends Aug. 2, 2013.

CUNA announced new legislative priorities for 2013 that include four key agenda items: preserving the credit union tax exemption, reducing regulatory burden, engaging in housing finance reform and advancing credit union charter enhancements.