Shaping the opinions of federal lawmakers and regulators happens over time and is a systematic process. And given the large volume of issues that arise in Washington, D.C., that impact the industry, it’s a process that is extremely vital to your credit union’s operations. While building understanding and becoming a trusted resource for insight happens over time, the past few weeks held some strong examples of how this effort is key, and provided a window to share input with federal regulators and members of Congress who have a direct impact on the issues that touch the entire industry:
- This week NCUA Board Chairman Rodney Hood joined LSCU senior management at the end of the October board meetings in Alabama, and held a credit union town hall on October 3rd. This special event was organized to provide a direct channel for the industry to provide feedback, as well as gain unique insight into the NCUA’s priorities and what they see in the future.
- On September 19th CORE Credit Union, GeoVista Credit Union and Memorial Health Credit Union sat down with staff from U.S. Congressman Barry Loudermilk (R-11) to share real-world impact of regulatory burdens, provide feedback on some of the issues the industry is facing, and what Congress can do to help credit unions. The group discussed a recommendation to exempt smaller financial institutions from CECL requirements, balancing cybersecurity burden with merchants, grow understanding of the requirements for cannabis banking, bankruptcy law, and the student loan debt crisis.
