Stay up-to-date and get involved with federal and state issues affecting credit unions
Federal Legislative Issues
Data Breaches: Recent high-profile data breaches exposed shortcomings with federal merchant data security standards, which are less stringent than privacy protection requirements for financial institutions. Despite the problems arising from the lack of adequate standards on merchants, the costs of data breaches largely fell on financial institutions. Thus in the case of credit unions, members pay. According to figures from CUNA, the Target data breach cost credit unions across the nation $30.7 million. While the Home Depot breach cost credit unions $57.4 million. With millions of cards reissued in both cases. Check the links below for more information and to get involved.
Credit Union Tax Status: The federal tax exemption was granted to credit unions because of their not-for-profit cooperative structure. In talks of balancing the federal budget and comprehensive tax reform, banks have again proposed eliminating the exemption. The materials below explain why the exemption was granted/should be preserved and the benefits conferred on consumers because of credit union’s structure.
Removing Regulatory Barriers: Credit unions face a crisis of creeping complexity with respect to regulatory burden. Every dollar a credit union spends on complying with regulation is a dollar not used for the benefit of its members. Most of the costs of compliance do not vary by size, and therefore proportionately are a much greater burden for smaller as opposed to larger institutions.
NCUA’s Risk Based Capital Proposed Rule (RBC2): The NCUA recently reissued its risk based capital proposed rule. We ask that Congress consider the new proposal and giving credit unions access to supplemental capital to meet the new risk-based capital requirements.
FHLB Membership Eligibility Parity: A proposed Federal Housing Finance Agency (FHFA) rule would require all Federal Home Loan Bank (FHLB) member credit unions, but only certain banks, to hold 10 percent of assets in “residential mortgage loans” on an ongoing basis.
CUNA’s Federal Action Alerts: Contact Your Federal Representatives on Issues Impacting Credit Unions
State Legislative Issues
2015 State Legislative Overview– Overview of Legislation related to Credit Unions from the Arizona, Colorado, and Wyoming 2015 Legislative Sessions