With the current recess in Washington, D.C., it provides a good window of time to engage members of Congress to help illustrate the impact (either positive or negative) of the bills in play. Credit unions took advantage of this opportunity on July 30th when they sat down with Colin Carr, legislative director for U.S. Congressman Barry Loudermilk (R-11). Rep. Loudermilk is a member of the House Financial Services Committee, and the time the industry spends with him throughout the year helps illustrate the issues and provide insight on what Congress can do to help credit unions … and he has cited statistics from previous meetings during committee hearing deliberations.
And there is no shortage of issues that impact credit unions in Congress; the discussion with Carr focused on several items that Congress is slated to tackle when they return in the fall:
- NDAA (National Defense Authorization Bill), or more specifically, the conference committee on the opposing Senate NDAA legislation and the version that passed the House. The conference committee will address the differences between the two bills to determine what will move forward; and in conference committees, anything can happen, so it is important to stay engaged.
- Cannabis banking as a part of the SAFE Act, H.R. 1595. This legislation passed the House Financial Services Committee and awaits action on the House floor. While providing financial services to the cannabis industry may not be on your respective credit union’s radar , without federal legislation such as the SAFE Act to remove financial regulatory hurdles, serving your members who may end up working in this emerging industry will hold a full host of issues.
- Data security, and encouraging Congress to pass a national standard that includes all industries along the transaction journey to protecting American’s interests.
- And, seeking compliance relief for credit unions with BSA/AML reform, as well as protect the ability to interact with members in the legislation directed at robocalls.
But beyond discussing the federal issues, this meeting was an ideal opportunity to discuss the credit union industry and share how it helps consumers in the district daily. Thank you to the credit unions engaging in this meeting: Credit Union of Georgia, Delta Community Credit Union, Georgia’s Own Credit Union, and LGE Community Credit Union … and a special thank you to Delta Community Credit Union for sharing their space in the district for the meeting!