Legislative and Regulatory Information Affecting NuVision members
A Message from your Board of Directors
As NuVision's volunteer Board of Directors, we are proud to be elected by you, the member-owners of NuVision. We take your vote of confidence in us seriously, and we monitor legislative and regulatory efforts happening at the Federal level to make sure we are supporting measures that can benefit NuVision members and credit union members as a whole.
Below are a few important issues we want to provide you information on today. NuVision is a member of the Credit Union National Association (CUNA) and the National Association of Federal Credit Unions (NAFCU). You can visit these organizations at their respective websites at www.cuna.org and www.nafcu.org for more details on these items.
Despite the fact that many credit unions, including NuVision, have implemented sophisticated and effective data security (including cybersecurity) safeguards, attackers adapt to constantly evolving technology and find new ways to penetrate systems. NAFCU continues to seek passage of a data security bill that would create a strong national standard of data protection for retailers, recognize credit unions' compliance with the Gramm-Leach-Bliley Act, and hold retailers accountable for breaches occurring on their end.
Credit unions are a good source for the banking needs of America's small businesses. However, due to regulatory restrictions, credit unions ability to help stimulate the economy by providing loans to small businesses is hampered. Increasing the credit union business lending cap (which is a regulatory limit) would help provide economic stimulus without any cost to the taxpayer. Credit unions would be better able to bring affordable loans and business friendly services to more small business owners if they were granted a greater capacity to lend.
Credit unions did not contribute to the recent financial crisis yet are still subject to increasing regulatory requirements mandated under the Dodd-Frank Act. Negotiations are ongoing and NAFCU is hopeful that regulatory relief legislation that would help credit unions will be taken up by Congress during this session. The items most positively affected if these negotiations are successful would be capital reform, field of membership improvements, reducing the Consumer Financial Protection Bureau impact, operational improvements, and data security standards.
If you have any questions about NuVision or these topics, please contact our Call Center at 800.444.6327.
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NuVision Federal Credit Union
7812 Edinger Avenue
Huntington Beach, CA 92647
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.