The National Association of Federally-Insured Credit Unions (NAFCU) has detailed its 2023 advocacy priorities, noting growth;
technology and innovation; and regulatory relief are among the prime areas of focus.
“NAFCU works directly with our credit union members to bring important issues to lawmakers and regulators alike,” the organization noted in detailing the priorities. “As we work toward meaningful legislative and regulatory changes in 2023, our commitment to stand up for our members is stronger than ever.”
With regard to growth, the NAFCU maintains it is concentrating efforts that include preserving the credit union tax exemption, reforming policies related to field of membership and housing to serve local communities better, and combating initiatives minimizing credit unions’ impact.
Regarding technology and innovation, the NAFCU indicated it is supportive of real-time / faster payments and the FedNow program, blockchain utilization, and reasonable oversight of AI (artificial intelligence) and machine learning technology.
NAFCU has noted it would also continue to oppose NCUA efforts to obtain third-party vendor examination authority – adding it would result in unnecessary costs and burdens on credit unions.
The NAFCU continues to seek regulatory relief, with officials indicating the organization supports the NCUA as the credit union industry’s primary, independent regulator – advocating against laws and regulations intended to address those placing burdens on credit unions while opposing frivolous litigation and restrictions hindering credit unions’ ability to serve members.
As a means of pursuing a fair market, the NAFCU noted it seeks to maintain a level playing field among fintechs and other financial institutions to ensure credit unions can compete in the market.