The National Association of Federally-Insured Credit Unions (NAFCU) is a U.S.

trade organization A trade association, also known as an industry trade group, business association, sector association or industry body, is an organization founded and funded by businesses that operate in a specific industry. An industry trade association partic ...

representing the nation's federally-insured

credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provisi ...

s. The NAFCU hosts conferences, publishes original research on issues relating to the credit union industry, and provides testimony before the

United States Congress The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washing ...

on issues relating to credit unions and the financial services industry. The organization was founded in 1967 and is headquartered in

Arlington, Virginia Arlington County is a county in the Commonwealth of Virginia. The county is situated in Northern Virginia on the southwestern bank of the Potomac River directly across from the District of Columbia, of which it was once a part. The county ...

Advocacy

The NAFCU supported the CFPB Rural Designation Petition and Correction Act (H.R. 2672; 113th Congress), a bill that would amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to direct the

Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mo ...

(CFPB) to establish an application process that would allow a person to get their county designated as "rural" for purposes of a federal consumer financial law. One practical effect of having a county designated "rural" is that people can qualify for some types of mortgages by getting them exempted from the CFPB's qualified mortgage rule. The NAFCU argued that the bill "would be helpful to small creditors, including credit unions, offering mortgages with balloon-payment features in underserved areas, because it would allow them to satisfy the rule’s 'ability to repay' requirements." The NAFCU thought that the application process described by this bill would make "the process for obtaining a rural designation fairer and more transparent." The NAFCU supported the

Credit Union Share Insurance Fund Parity Act (H.R. 3468; 113th Congress) The Credit Union Share Insurance Fund Parity Act () is a bill that would expand federal deposit insurance to include Interest on Lawyer Trust Accounts (IOLTAs) and similar escrow accounts housed within credit unions. The bill was introduced into ...

, a bill that would expand federal deposit insurance to include Interest on Lawyer Trust Accounts (IOLTAs) and similar escrow accounts housed within credit unions. Vice President of Legislative Affairs Brad Thaler said that "we applaud the committee for taking the steps today to advance regulatory relief for community institutions and hope that this will be the start of an ongoing effort." The NAFCU said that the bill "would advance parity for accounts in credit unions and banks protected by the National Credit Union Share Insurance Fund and FDIC Bank Insurance Fund" which "reflects a key element of NAFCU's five-point plan for credit union regulatory relief." The NAFCU supported the

Mortgage Choice Act of 2013 (H.R. 3211; 113 Congress) The Mortgage Choice Act of 2013 () is a bill that would direct the Consumer Financial Protection Bureau (CFPB) to amend its regulations related to qualified mortgages to reflect new exclusions made by this bill. The CFPB released new regulations r ...

, a bill that would direct the

(CFPB) to amend its regulations related to qualified mortgages to reflect new exclusions made by this bill. The NAFCU called the bill "bipartisan commonsense legislation." According to the NAFCU, the bill would make changes to a "troublesome definition" found in the

Dodd–Frank Wall Street Reform and Consumer Protection Act The Dodd–Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd–Frank, is a United States federal law that was enacted on July 21, 2010. The law overhauled financial regulation in the aftermath of the Great Recess ...

that currently results in many affiliated loans not qualifying as Qualified Mortgages. According to the NAFCU, this leads to credit unions not offering such loans which causes consumers to "lose the ability to choose to take advantage of the convenience and market efficiencies offered by one-stop shopping."

References

{{reflist

External links

NAFCU web site
Trade associations based in the United States Credit unions of the United States Banking organizations

Advocacy

See also

References

External links