Join the fight against overzealous regulatory burdens that continue squeezing credit unions' ability to offer the best possible products and services to over 100 million consumers and small businesses. You're the best possible advocate; share your story on Capitol Hill to help Congress understand where credit unions stand these key issues.
Join us in pressing lawmakers to create a strong federal data safekeeping standard for retailers. NAFCU was the first financial services trade association to weigh in on data security on Capitol Hill in the wake of the Target data security breach, and we haven't stopped since. Retailers must do their part to prevent breaches, and liability must be on the entity where a breach originates. When they're at fault, retailers need to cover fraud costs, and the cost of reissuing of credit and debit cards. Learn more about data security.
Comprehensive tax reform remains on the Congressional agenda. Various proposals could impact the credit union federal tax exemption or Unrelated Business Income Tax (UBIT). Both the Senate Finance Committee and House Ways and Means Committee are holding hearings on business taxes and tax expenditures. Use the data in NAFCU's study—which shows how vital the tax exemption is to credit unions, their mission, and the economy—to strengthen your argument when talking to members of Congress. Learn more about the credit union tax exemption issue.
NAFCU reintroduced the Five-Point Plan for Regulatory Relief to encourage Congress to focus on enacting real relief for overburdened credit unions. Between the CFPB, NCUA and other agencies, the cumulative regulatory burden our industry faces is absolutely staggering. Now more than ever, credit unions need lawmakers to step in and address duplicative and over burdensome regulations. Your credit union's individual story paints an invaluable picture for lawmakers about how these rules impact the ability of credit unions to serve over 100 million Americans who rely on you. Learn more about Regulatory Relief for credit unions.
While NCUA's second proposed risk-based capital rule (RBC2) is a significant improvement over the initial rule, the agency still can't justify why this costly proposal is even necessary, given that credit unions came through the worst financial crisis of our time virtually unscathed. Reinforce to Congress that this costly rulemaking is unnecessary and will only impose more regulatory burden on an already extremely well-capitalized industry. Learn more about capital reform and risk-based capital.
Debate continues in Congress about the future of housing finance reform. The secondary mortgage market is critical for credit unions in managing interest rate risk and facilitating the flow of mortgage credit to their members. Credit unions are an important part of the mortgage market and shouldn't, under any circumstances, be shut out by larger players. Given the complex nature of the housing finance market, lawmakers need your immense expertise and insight as a lender. Learn more about housing finance reform.