Week ahead: Credit union groups outline 2021 priorities

With 2021 underway and the 117th Congress sworn in and both chambers in session, credit union groups have begun outlining their priorities for the year ahead.

For the National Association of Federally-Insured Credit Unions, that means a focus on laws that support growth, federal standards on data security and privacy, additional regulatory relief for the industry, regulatory standards for fintechs and other non-depository institutions, and more.

“Credit unions have worked tirelessly to help Americans overcome adversity and hardship amid the coronavirus pandemic,” Dan Berger, the trade group’s president and CEO, said in a press release Monday. “For both new and returning members of Congress, it is vital they understand the good work not-for-profit credit unions have done and will continue to do to lift American families and communities up during these uncertain times. We look forward to working with lawmakers on Capitol Hill as well as the Biden Administration to make sure credit unions have a strong seat at the table, and that they are empowered to help our nation and our economy fully recover.”

For its part, the Credit Union National Association outlined some of its own priorities during a Monday morning press call, highlighting the ongoing fight to preserve the industry’s tax exemption and the need for a secure payments system.

The industry also kicks off the new year on the heels of two major legislative wins, following the approval of a new stimulus package and the House and Senate voting to override President Trump’s veto of a defense spending bill. The defense bill included a measure that continues to provide credit unions with no-cost access to military facilities while preventing banks from gaining that same access. The issue has been a sticking point in the defense legislation for the past several years.

“We are very pleased that the 2021 [National Defense Authorization Act] does not contain this troublesome language,” Anthony Hernandez, president and CEO of the Defense Credit Union Council, said in a statement. “Credit unions work very hard to provide exceptional products and services to our military. We do so without looking to maximize shareholder profit because it is the right thing to do.”

Lastly, industry groups this week are responding to a proposal from the Financial Crimes Enforcement Network regarding virtual currency. The proposal includes only a 15-day comment period, and some credit union lobbying organizations have expressed concerns that, aside from any issues with the proposal itself, stakeholders will not have enough time to evaluate the measure.