Nevada GRR: CU Advocates Out in Force in Carson City

Nevada GRR
Jeremy Gilpin, Executive Vice President of Greater Commercial Lending, and Greater Nevada CU CEO Wally Murray were among those participating in the 2019 Nevada GRR.

Nevada credit union leaders gathered yesterday in Carson City to lobby their state senators and assembly members on issues of importance to credit unions during the Nevada Government Relations Rally (GRR).

More than 40 credit union leaders spoke with their legislators during the Feb. 12 event, highlighting two specific issues: BDR 148—Nevada Credit Union League Privately Insured Credit Unions: Mortgage Loan Officers as well as Privacy and Data Security.

BDR 148—Nevada Credit Union League Privately Insured Credit Unions: Mortgage Loan Officers

Bill BDR 148 would repeal NRS 658.210, removing Nevada Privately Insured Credit Unions (PICUs) from the state licensing and registration requirements for mortgage loan originators (MLOs) and instead become registered as MLOs through the National Credit Union Administration (NCUA). Currently, Nevada has 15 credit unions, 6 of which are PICUs.

The SAFE Act of 2008 mandates a nationwide licensing and registration system for MLOs. An exception was given to financial institutions regulated by a federal agency, such as the NCUA. At first, the agency didn’t allow PICUs to register, which led to Nevada passing NRS 658.210 to allow PICUs to meet the SAFE Act registration requirements.  In 2010 the NCUA decided to allow PICUs to register if their state supervisory authority entered into a Memorandum of Understanding (MOU) with the federal agency.

Nevada GRR  

At this point, Nevada is one of only two states with PICUs which does not have a MOU with the NCUA. With the Nevada Financial Institutions Division (FID) indicating a willingness to enter into a MOU with the NCUA, Nevada credit union leaders asked their legislators to pass this bill so it would “reduce the regulatory burden on PICUs and provide them with the same MLO registration process as other depository institutions in the state”.

Nevada GRR  


Privacy and Data Security

Credit union leaders also educated elected officials on the various privacy and data security laws and regulations credit unions are subject to, including the Gramm-Leach-Bliley Act (GLBA), Regulation P, and the Fair and Accurate Credit Transaction Act (FACTA) / Regulation V.

GRR attendees asked legislators that, in the event Nevada debates enhanced privacy protection for consumers, they would recognize the tough standards for privacy protection already required for credit unions under state and federal laws and regulations.

Nevada GRR  

The Nevada GRR ended with a reception for attendees and legislators at the Carson Nugget. It provided an opportunity for legislators to speak with attendees about credit unions and the communities they represent as well as continue to develop relationships.

The event was sponsored by American Share Insurance, Excess Share Insurance, and CUNA Mutual Group. 

Nevada GRR  

“Thank you to all those who took the time to come to Carson City," said Robert Wilson, California and Nevada Credit Union Leagues vice president of state government affairs. "The hard work from our members will greatly assist us in moving the credit union agenda forward this year.”

Nevada GRR  


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