GCUA senior leadership met with members of the Georgia Congressional delegation and key staff in Washington, D.C. to keep credit union issues in the forefront last week. The short visit (held July 25th through the 27th) emphasized the work of credit unions in their districts, and educated the federal legislators on bills that are positive for the industry. These visits centered on five key points:
- That all Americans need and deserve access to affordable financial services
- The credit union cooperative not-for-profit business structure is designed to elevate the well-being of those served
- Members should have the right to strengthen their credit union’s financial condition
- Credit unions should be encouraged to provide for the credit needs of their members
- Credit unions must be able to innovate in a transformational economy
Bills to advance credit unions in those five areas included:
- Credit Union Residential Loan Parity Act (H.R. 389)
- Portfolio Lending and Mortgage Access Act (H.R. 2226)
- Community Lending Enhancement and Regulatory Relief ACT (H.R. 2133, S. 1002)
- Financial Choice Act (H.R. 10)
- Consumer Financial Protection Advisory Board (CFPB) Enhancement Act ( S. 1579)
- Disapproval of CFPB’s Arbitration Rule (H.J.R. 111, S.J.R. 47)
- Supplemental Capital (H.R. 1244)
Beyond the bills, the meetings provided a window to discuss the overreaching need to reform the CFPB, and the importance of ensuring credit unions do not become collateral damage in the federal tax reform attempts … a message of necessity as tax reform is on the horizon (see related article). In the meetings, U.S. Sen. Johnny Isakson (R-GA) shared sage advice to the industry: While he does not view credit unions as under fire (at this point), he reminded GCUA that credit unions must not stop sharing their message to Congress, as others are pushing different agendas, and credit unions do not want to be left behind.
It is important for credit unions to continue their efforts to engage members of Congress, whether at a Hike the Hill, in-district meeting or other contact, to reinforce the industry position on the above issues and more. By reiterating what matters to credit unions from a legislative perspective, it helps create opportunities for legislative success, in the debate for tax reform or otherwise.
