NAFCU steps up advocacy efforts on NDAA

As House subcommittees begin to markup the House version of the fiscal year 2023 National Defense Authorization Act (NDAA), NAFCU has amplified its continued advocacy on the issue, reiterating the association's longstanding call to protect credit union nominal leases on military installations and prevent efforts to allow all banks to operate rent-free on military bases, in a joint trades letter sent to the House Armed Services Committee.

NAFCU’s Berger, DCUC’s Hernandez team up to advocate for serving veteran members

NAFCU President and CEO Dan Berger joined with Defense Credit Union Council (DCUC) President and CEO Anthony Hernandez in a letter to House Small Business Committee Chairwoman Rep. Nydia Velázquez, R-N.Y., and Ranking Member Rep. Blaine Luetkemeyer, R-Mo., prior to the committee’s hearing, “Military to Main Street: Serving Veteran Entrepreneurship.” Of note, the two leaders also joined together in a complimentary webinar to discuss serving veteran members. The webinar is available now on the NAFCU website.

SBC Chairman calls for review of impact on consumer data misuse on the U.S. financial system

Senate Banking, Housing, and Urban Affairs Committee Chairman Senator Sherrod Brown, D-Ohio, wrote yesterday to Treasury Secretary Janet Yellen, who oversees the Financial Stability Oversight Council (FSOC), to express concern with the collection and sale of consumer financial data practices and its holistic effect on the U.S. financial system. Citing the extent of personal data that financial institutions can access, Brown’s concerns focused on bad actors obtaining and using private consumer data for their own purposes and profit.

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NCUA finds growth in lending, assets, more in Q1 call report data

The NCUA Tuesday released its latest call report data for the first quarter of 2022, revealing that total loans outstanding in federally insured credit unions increased by $136 billion, or 11.7 percent, over the year ending in the first quarter of 2022, to $1.30 trillion. Of note, during the same period, total assets rose by $169 billion, or 8.7 percent, to $2.12 trillion; while insured shares and deposits rose $125 billion, or 8.0 percent, to $1.69 trillion, from one year earlier.

NAFCU Cyber and Payments Committee discuss CBDC updates, NCUA DLT guidance, more

NAFCU’s Cybersecurity and Payments Committee convened Tuesday to review the latest from the Federal Reserve on central bank digital currency (CBDC) and discuss NAFCU’s comments on CBDC, which were submitted to the Fed last month. The association weighed in on the topic, noting that the hypothesized benefits of a CBDC are difficult to pinpoint whereas costly tradeoffs are potentially numerous.