The National Association of Federally-Insured Credit Unions (NAFCU) has outlined a series of advocacy initiatives that resulted in several key wins in 2022.
Per the NAFCU, highlights include work involving end-of-year legislation, the Credit Union Governance Modernization Act, and advocating increased Community Development Financial Institutions (CDFIs) funding.
With regard to end-of-year legislation, the NAFCU cited the fiscal year 2023 National Defense Authorization Act (NDAA) – indicating the organization successfully worked closely with lawmakers as a means of ensuring the final bill was free of several NAFCU-opposed provisions while including association provisions supporting fair hiring practices and easily accessible data published by federal financial regulators.
The NAFCU noted the Credit Union Governance Modernization Act allows credit unions to more easily expel members who pose a threat to credit unions and their employees – adding the organization has long been a proponent for the modernization while continuing to engage the NCUA on the issue.
According to the NAFCU, the organization’s advocacy for enhanced Community Development Financial Institutions (CDFIs) funding and an enhanced CDFI certification bolsters financial institutions, particularly credit unions, with efforts to better support underserved areas.
Additionally, the NAFCU touted its efforts throughout 2022 to defend against bad policies while supporting what the organization deemed good guidance.