National Association of Federally-Insured Credit Unions

src: www.moneycrashers.com

The Federally Trusted National Association of Credit Unions ( NAFCU ) is a US trade organization that represents federal credit unions that are guaranteed by the government. NAFCU held conferences, published original research on issues related to the credit union industry, and gave testimony before the United States Congress on issues related to credit unions and the financial services industry.

The organization was founded in 1967 and is headquartered in Arlington, Virginia.

Video National Association of Federally-Insured Credit Unions

Advokasi

NAFCU supports the CFPB Rural Design Petition and Ratification (HR 2672; 113th Congress), a bill that will transform the Dodd-Frank Wall Street Reform and Consumer Protection Act to direct the Consumer Financial Protection Bureau (CFPB) to make the application process allowing a person to get their territory designated as "rural" for federal consumer financial law purposes. One practical effect of having a "rural" defined area is that people can qualify for some type of mortgage by making them exempt from the CFPB qualified mortgage rules. NAFCU believes that the bill "will help small lenders, including credit unions, offer mortgages with balloon payment features in underserved areas, as it will enable them meet the 'ability to repay' rules." NAFCU thinks that the application process described by the bill will make "the process of getting rural appointments fairer and more transparent."

NAFCU supports the Credit Sharing Parity Fund Parity Act (H.R. 3468; 113th Congress), a bill that will extend federal savings insurance to include Interest on Trusted Lawyers Accounts (IOLTAs) and similar escrow accounts stored in credit unions. Legislative Vice President Brad Thaler said that "we praise the committee for taking steps today to advance regulatory support for community agencies and hope this will be the beginning of sustained effort." NAFCU said that the bill "will advance parity for accounts in credit unions and banks covered by the National Credit Union Insurance Fund Distribution Fund and the FDIC Bank Insurance Fund" which "reflects key elements of NAFCU's five-point plan for regulatory aid credit unions."

NAFCU supports the 2013 Mortgage Rights Act (H.R. 3211; 113 Congress), a bill that will direct the Consumer Financial Protection Bureau (CFPB) to amend its rules in relation to eligible mortgages to reflect the new exceptions made by the bill. NAFCU called the bill "a bipartisan law of common sense". According to NAFCU, the bill will make a change to the "difficult definition" found in the Dodd-Frank Wall Street Reform and Consumer Protection Act which currently generates many affiliate loans that do not qualify as a Qualified Mortgage. According to NAFCU, this led to credit unions not offering such loans that caused consumers "to lose the ability to choose to take advantage of the convenience and efficiency of the market offered by one-stop shopping."

Maps National Association of Federally-Insured Credit Unions

See also

• The Credit Union National Society
• National Credit Union Administration

src: www.hfcu.info

References

src: www.ascendfcu.org

External links

• the NAFCU website

Source of the article : Wikipedia