Credit unions press lawmakers for regulatory relief

NAFCU made specific recommendations in the letter to congressional leaders, including providing the National Credit Union Administration (NCUA) with the authority to delay implementation of rules from the Consumer Financial Protection Board (CFPB) so that they can be tailored to credit unions.

The group again urged lawmakers to raise the cap on member business loans to 27.5 percent of total assets, a long-standing goal that would increase the amount of lending that credit unions can engage in.

NAFCU said red tape is also hurting their members and urged Congress to scrap requirements for redundant privacy notices on annual statements. Credit unions need greater authority and flexibility in how they invest and establish national standards for safekeeping of all financial information, NAFCU said.

If the case of a data breach, credit unions want to hold merchants responsible, especially when it’s due to their own negligence, NAFCU said.