Legislative Affairs

NASCUS is dedicated to providing focused and incisive advocacy on behalf of the state-chartered credit union system, with a strong voice on Capitol Hill extolling the benefits of the dual charter. NASCUS generally comments only on federal legislation which: affects the dual chartering system, impacts state-chartered credit unions, touches on state-chartered credit union share insurance requirements, or infringes upon state regulatory authority.


HR 864 (Untitled)

Summary:  Amends the Fair Debt Collection Practices Act to restrict the debt collection practices of certain debt collectors.

Status: Introduced on 02/03/17

H.R. 714: Untitled

Summary:  To provide for the legitimate use of medicinal marihuana in accordance with the laws of various States.

Status: Introduced on 01/27/17; referred to the House Committee on Energy and Commerce on 01/27/17.

HR 715: Untitled

Summary: To provide for the rescheduling of marihuana; the medical use of marihuana in accordance with State law; and the exclusion of “cannabidiol” from the definition of marihuana.

Status: Introduced on 01/27/17; referred to the House Judiciary.

S. 223 – No title provided yet (probably will be renamed “Senior Safe Act”)

Summary:  Provides immunity from suit to certain individuals who disclose potential examples of financial exploitation of senior citizens. 

Status: Introduced on 1/24/17

S. 105: (Untitled: Legislation to change CFPB to leadership of five-member board )

Summary:  Amends the Consumer Financial Protection Act of 2010 to transition the Bureau of Consumer Financial Protection leadership to a 5 member Board of Directors.

Status: Introduced on 01/11/17

HR 26:  Regulations from the Executive in Need of Scrutiny Act of 2017 (“REINS Act”)

Summary:  Amends Chapter 8 of Title 5, United States Code, to provide for congressional review of agency rulemaking.  Under the Act, a federal agency promulgating a rule must publish information about the rule in the Federal Register and include in a report to Congress and the GAO the following: (i) a classification of the rule as a “major” or “non-major” rule and (ii) a copy of the cost-benefit analysis taking into account several factors.

A joint resolution of approval must be enacted within 70 session days or legislative days after the agency proposing a “major rule” submits its report on such rule to Congress.  A “major rule” is defined as any rule that the “Office of Information and Regulatory Affairs of OMB finds results in (i) an annual effect on the economy of $100 million or more; (ii) a major increase in costs or prices for consumers, individual industries, government agencies, or geographic regions; or (iii) significant adverse effects on competition, employment, investment, productivity, innovation, or the ability of US based enterprises to compete with foreign-based enterprises.

Status: Introduced in House (01/03/17); Passed House (01/05/17)

HR 389:   Credit Union Residential Loan Parity Act
Summary:  To amend the Federal Credit Union Act (FCUA) to exclude a loan secured by a non-owner occupied 1-to-4 family dwelling from the definition of a member business loan and for other purposes.

Status: Introduced in House (01/10/17)


Significant legislative actions, previous Congress (114th Congress)

Significant legislative actions, earlier Congress (113th Congress)

NASCUS' Key Issues

NCUA Board Reform
The NCUA Board has responsibility for the safe, sound, and effective administration of the credit union share insurance fund, 41% of whose stakeholder credit unions are state-chartered.  Given the substantial interaction between the Board and state regulators and the importance of the dual-chartering system to the health and safety of the credit union system, one seat on the NCUA Board should be designated for a candidate who has served as a state credit union supervisor.  In addition, the Board should be expanded from three members to five in order to enhance its deliberative process, expand its collective expertise, and improve the efficient administration of NCUA business.  These changes to NCUA governance would:

  • Align with NCUA’s own standards for federal credit union governance (12 U.S.C. 1761(a));
  • Allow Board members to communicate with each other directly without triggering Sunshine Act requirements (5 U.S.C. 552b); 
  • Streamline supervisory coordination between state and federal regulators and minimize redundancies;
  • Provide important perspective on the impact of federal regulations on local communities; and
  • Cost nothing for American taxpayers and require de minimis cost to the credit union system.

The NCUA Board of the Future

NCUA Board Reform Briefing Paper

Statement for the Record to Senate Committee on Banking, Housing, and Urban Affairs Hearing on Regulatory Relief for Community Banks and Credit Unions, February 10, 2015

Supplemental Capital
NASCUS has consistently encouraged NCUA, Congress and others to embrace capital reform for credit unions as a tool for enhancing safety and soundness. As an active member of the Coalition for Credit Union Access, NASCUS has worked tirelessly to build consensus on this issue to ensure that credit unions are given the tools they need to maintain safe capital levels during good and bad economic times. 

A capital structure limited exclusively to retained earnings significantly disadvantages credit unions in facing unexpected economic shocks, and penalizes well-run institutions that are simply attracting deposits too quickly. Under the current system, a credit union that has been successful at attracting deposits may find itself in regulatory trouble if its lending does not increase at the same pace as deposits. The new deposits increase the credit union’s assets, which can deplete its net worth ratio and trigger statutory action from regulators.  NASCUS is working with NCUA and Congress to pursue all regulatory and legislative solutions.

Supplemental Capital Legislation

Coalition for Credit Union Access

Supplemental Capital Regulation

State Laws

Q&A on Supplemental Capital

2007 Filene Research Study: In a NASCUS supported study, the Filene Research Institute makes the case for expanded sources of credit union capital.

2005 NASCUS White Paper - Alternative Capital for Credit Unions... Why Not?

NASCUS Letters to Capitol Hill

Sept. 14, 2016
Letter supporting OTR transparency bill| (HR 5869)

July 13, 2016
Letter on CHOICE, 5-member NCUA Board

July 22, 2015
Letter to House financial institution subcommittee leaders in advance of July 23 NCUA hearing

July 15, 2015

NASCUS Support for the Marijuana Businesses Access to Banking Act of 2015

June 25, 2015
NASCUS Support for S. 924, the National Credit Union Administration Budget Transparency Act

June 11, 2015
National Credit Union Administration Budget Transparency Act

June 4, 2015

Credit Union Residential Loan Parity Act

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