Learn more about Member Benefits
The rationale for expanded credit union powers is quite simple: credit union powers are based on their not-for-profit, member-owned, and community-based structure. Because credit union members own their financial institutions, the decisions credit unions make reflect the needs and interests of their memberships. This member-control is the basis for providing credit unions with wide authority to serve their members.
Limiting the powers of credit unions does not adversely impact a board of directors or a group of stockholders, but instead the member-owners who want their credit union to serve all of their financial needs.
2018 Second Field of Membership rule that provides community-chartered credit unions an option to apply for an expanded field of membership via narrative approach to serve a well-defined local community exceeding 2.5 million persons. CUNA originally asked for NCUA to allow the narrative approach in a 2015 letter to then Chairman McWatters and subsequent comment letters to NCUA.
Advocacy Issues
Improving state credit union laws is at the top of the agendas of many state credit union leagues.
Advocacy Issue
The NCUA finalized their Member Business Lending Rule in February of 2016, but CUNA continues to urge Congress to act on removing the MBL cap.
In October of 2016, the NCUA made changes to the NCUA's chartering and field of membership policies and procedures.
The Credit Union Membership Access Act was passed in 1998. Since then the world has changed significantly and the Federal Credit Union Act and the regulations have not been updated to keep pace with technology and how consumers access financial services.
During the financial crisis everyone learned the importance of capital. However, credit unions have restrictions on sources of capital and can only count retained earnings towards mandated requirements.