CUNA raises key concerns in meeting with White House economic policy staff

October 30, 2014

WASHINGTON (10/31/14)--Data security breach concerns, regulatory relief, risk-based capital for credit unions, housing finance reform and other issues were among the topics Credit Union National Association President/CEO Jim Nussle raised Thursday at the White House compound in a meeting with Seth Wheeler, assistant to the president for economic policy.  

Nussle emphasized that merchants have to take greater responsibility to protect consumers' personal financial data, an issue that credit unions raise time and time again. CUNA is pursuing efforts with the administration, the U.S. Congress and other policymakers to help ensure consumers' data provided to merchants is better protected and that credit unions are reimbursed for their costs when merchant breaches occur. (See related story: Home Depot breach costs CUs almost double Target breach.)

The CUNA leader discussed a number of issues regarding the National Credit Union Administration's risk-based capital proposal. He also highlighted legislation CUNA is seeking passage on before the end of the congressional session--bills that would eliminate annual privacy notices, provide share insurance parity for credit union IOLTA accounts and allow privately insured credit unions to become members of the Federal Home Loan Banks.

Nussle thanked the administration for reaching out to CUNA and credit unions regarding housing finance reform. CUNA will be advocating for credit union interests should further efforts to pursue meaningful housing finance reform continue in coming months on Capitol Hill and within the administration. 

The discussion also included credit union concerns about qualified mortgage loans and the recent Federal Housing Finance Agency proposal regarding Federal Home Loan Bank membership.     

Also attending the meeting for CUNA were Chief Policy Officer/Chief Economist Bill Hampel, General Counsel Eric Richard, Deputy General Counsel Mary Dunn and Senior Vice President for Legislative Affairs Ryan Donovan. CUNA staff indicated the discussion was useful and the meeting was productive in terms of ensuring the administration is apprised of credit unions' issues and concerns. CUNA will continue to follow up on all the matters raised in the meeting.