Skip to main content

President signs NAFCU-backed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) into law.

President Donald Trump today signed the NAFCU-backed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) into law. Following years of NAFCU advocacy and credit union grassroots efforts, the industry has secured meaningful regulatory relief.
"NAFCU and our members again appreciate all House and Senate lawmakers who worked on this bill and pushed it through to final passage – especially [Senate Banking Committee] Chairman [Mike] Crapo and [House Financial Services Committee] Chairman [Jeb] Hensarling," said NAFCU President and CEO Dan Berger. "We appreciate President Trump signing the bill, as we can now look towards the future and continue to work with Congress on further regulatory relief measures to ensure robust growth of the credit union industry."
After House passage of the bill on Tuesday, Berger sent a letter thanking Trump for his leadership on helping Main Street financial institutions and urging him to sign the bill. In addition, Berger personally contacted White House staff again to thank them for their dedication to regulatory relief efforts and for working with NAFCU.
NAFCU is already moving forward on a number of other top legislative items still pending before Congress, including risk-based capital (RBC) reform, data and cybersecurity standards, field of membership reforms, and lawsuit abuse under the Americans with Disabilities Act. Berger has asked leaders in the House and Senate to work with the association to address these issues and bring credit unions much-needed regulatory relief.
The association is already making strides on a provision to delay the NCUA's RBC rule. The provision has been added to a House Appropriations Financial Services and General Government's appropriations bill, which is being marked up today. NAFCU has long advocated for a repeal or delay of this rule, and the association's efforts proved instrumental in getting the language added to this appropriations bill as well as H.R. 5841, which passed out of the House Financial Services Committee Tuesday.
Berger noted that the passage of S. 2155 is a good first step in creating a regulatory environment in which credit unions can thrive – both upon House passage of the bill this week and in an interview yesterday on Fox Business.
Berger with NAFCU's advocacy team has held numerous meetings on Capitol Hill in the past week to gather support for S. 2155. In February, Berger, along with numerous credit union CEOs, met with Trump to discuss industry issues – including regulatory relief.
NAFCU has been working towards regulatory relief for credit unions since the implementation of the Dodd-Frank Act and will continue to do so.

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Twenty-Five Years of Showing Up

www.NCOFCU.org/Tucson-AZ-2026    Attendee Registration Schedule at a Glance ...
Post a Comment
Read Complete Article HERE>»

NCUA Issues Final Rule to Revise Record Preservation Requirements

ALEXANDRIA, Va. ― The National Credit Union Administration has issued a final rule revising record preservation requirements for credit unions in the event of a catastrophic act. This rule is codified at 12 CFR 749.   “Maintaining vital records is essential to the safety and soundness of any federally insured credit union’s operations and its ability to best serve members,” NCUA Chairman Kyle Hauptman said in a statement. “But NCUA, unlike other regulators, didn’t have a limit on how long records had to be kept. This led to unnecessary cost, hassle and uncertainty. This final rule will ease unnecessary and overly prescriptive preservation requirements, while ensuring that credit unions retain the critical documents needed in instances of disaster”  According to the agency, the vital records preservation program rule was first created in 1972 to ensure that federally insured credit unions keep duplicate records that can be used for reconstruction purposes in the event of ...
Post a Comment
Read Complete Article HERE>»

Boston Firefighters Credit Union Becomes First Responders Credit Union

New name reflects nearly 80 years of service and a growing commitment to first responders across Massachusetts BOSTON, MA, June 15, 2026 — Boston Firefighters Credit Union today announced that it has officially changed its name to First Responders Credit Union , reflecting the broader first responder community the organization serves while honoring the firefighters who founded it nearly 80 years ago. Founded in 1947 by members of the Boston Fire Department, the credit union was established to serve the financial needs of firefighters and their families. Over the decades, it has grown into a trusted financial institution serving firefighters, law enforcement professionals, EMS personnel, civilian employees of first responder agencies, and their families throughout Massachusetts. Today, more than 12,000 members rely on the credit union for banking, lending, and financial guidance tailored to the unique demands of first responder life. While the name is new, the mission is not. ...
Post a Comment
Read Complete Article HERE>»

Update from TruStage - Forecast for CU, Economic Performance for Remainder of 2026, 2027

MADISON, Wis. — Credit unions are expected to post stronger loan, deposit , and asset growth in 2026 despite a slowing economy, persistent inflation, geopolitical uncertainty, and continued pressure on consumers, according to TruStage’s latest  Credit Union Trends Report . The report, prepared by TruStage Chief Economist Steve Rick and based on December 2025 data, forecasts credit union loan growth will accelerate to 5.5% in 2026 from 4.6% in 2025, while savings growth is projected to increase to 6.5% from 5.5%. Asset growth is expected to improve to 6.2% in 2026 from 5.4% in 2025. Credit union membership growth is forecast to reach 1.8% in 2026 and 2.0% in 2027. The CU Daily has separate reporting on credit union performance by category here .  According to TruStage, a changing global economic environment has altered its outlook for both the U.S. economy and the credit union system. The report noted disruptions stemming from the closing of the Strait of Hormuz have created su...
Post a Comment
Read Complete Article HERE>»

Credit Where Credit's Due

  Credit Where Credit's Due   Credit reports 101 Used to calculate credit scores   and determine creditworthiness, credit reports are comprehensive documents that detail the credit history of a person or business, including current and former lines of credit, bankruptcy records, and more.  Credit assessments actually started in the 1700s   as a way to evaluate businesses’ financial standing rather than consumers’. The early 1800s brought efforts to standardize the credit reporting system as more businesses were started that needed loans, and the labor movement’s success in the second half of the 1800s led to an increased need for standardized c...
Post a Comment
Read Complete Article HERE>»

Just Out! - NCUA Stablecoin Plan Opens Door To Credit Union-Backed Digital Dollar Issuers

ALEXANDRIA, Va.—A sweeping new NCUA proposal to implement the GENIUS Act could open the door for credit union-backed stablecoin issuance, but only through separately licensed subsidiaries operating under an extensive new federal regulatory framework that limits risks to the Share Insurance Fund. The 269-page supplemental proposed rule issued Friday lays out how “permitted payment stablecoin issuers” affiliated with federally insured credit unions would be supervised, examined and regulated by the NCUA, while also establishing rules covering reserves, liquidity, custody, operational risk, cybersecurity, anti-money laundering compliance and disclosure standards. The proposal supplements an earlier February 2026 proposal by the agency focused primarily on licensing and investments in stablecoin issuers. Federally insured credit unions themselves would still be prohibited from directly issuing payment stablecoins under the GENIUS Act. Instead, issuance would have to occur through a separa...
Post a Comment
Read Complete Article HERE>»

47-Second Loan Décisions. Underwriting in Minutes. How AI is Revolutionizing Turnaround Time in Mortgage Lending

May 27, 2026 CU Today TORONTO–While AI has been deployed across a host of back office functions, on the consumer-facing side its promise is increasingly being seen in mortgage lending, where lenders are promising mortgage approval decisions in as little as 47 seconds, reporting that up to a third of inquiries are now being handled by chatbots, and slashing underwriting time to just minutes. Toronto-based TD Bank Group said it has also deployed its first agentic artificial intelligence system in mortgage lending, reducing the time required to prepare applications for underwriting from an average of roughly 15 hours to less than three minutes. According to a statement from TD Bank, the new AI model automates mortgage pre-adjudication — the process that occurs before a human underwriter reviews an application. The bank said the system classifies borrower documents, extracts and validates financial information, calculates income, performs policy and consent checks, identifies discrepancie...
Post a Comment
Read Complete Article HERE>»

How to give back without the drawback webinar!

Post a Comment
Read Complete Article HERE>»