Advocacy means taking nothing for granted

This week saw a troubling example that despite the undeniable benefits of the credit union tax status, key policymakers still might be unclear on the mission and nature of credit unions.

Rep. Claudia Tenney, R-N.Y., while speaking at the American Bankers Association convention, questioned how credit unions gain members. She also used outrageously inaccurate terms about the credit union tax status – which generates $35 billion in benefits for members and non-members each year.

New York Credit Union Association President/CEO William Mellin and I reached out swiftly to provide her with the facts that prove the value of credit unions in the marketplace. We offered to meet with her face-to-face, and worked with the New York League to launch a grassroots action alert to ensure Rep. Tenney hears from her credit union constituents.

This is a valuable reminder to all of us as advocates.

The congresswoman is a member of the powerful House Ways and Means Committee. If she questions what credit unions do for the more than 140 million members to the extent of calling for a hearing on credit unions, that means we can’t assume policymakers know the role of credit unions. And with key provisions of the Tax Cuts and Job Act expiring at the end of 2025, we know a tax fight is ahead.

We’re supporting 392 credit union champions from both parties on Election Day—but what about those we don’t count as champions? Are they fully aware of all that credit unions do for the people in their district?

In the name of our relentless advocacy, we can’t let up in our outreach and efforts. Now, in the lame duck session, and ahead in the new Congress. ?

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Check out the latest election information

We’re in the home stretch of what is a very consequential election for the credit union movement. The White House, Senate, and House could all see historic shifts in control, meaning leadership of committees, agencies, and more could change.

Make sure you:?

• Check your registration status, polling location, and more at CreditUnionsVote.com, and make your voice heard at the ballot box;?
• Follow the Credit Union Elections Hub to see how credit union-backed candidates are doing as results come in; and ?
• Register for our post-election webinar Nov. 7, starting at 2 p.m. Eastern, to hear our analysis of the known results. Our Head of Political Affairs Trey Hawkins spelled out perfectly what our credit union champions mean for us in an op-ed this week:

In a CUInsight op-ed, America’s Credit Unions Head of Political Affairs explains why America’s Credit Unions, its PAC, and Leagues are investing a record amount to elect credit union champions in the next Congress.

Read the op-ed here

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Building relationships with DOJ meeting

Chief Advocacy Officer Carrie Hunt and Senior Vice President of Advocacy Greg Mesack met with U.S. Assistant Attorney General Kristen Clarke Wednesday following the recent enforcement action against Citadel Credit Union. Carrie and Greg shared data point after data point on how credit unions excel at serving the communities banks leave behind, providing great examples of how financial services can truly lift up communities. We hope this is the start of a fruitful relationship between the Department of Justice and credit unions.

Read about the meeting here

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NCUA proposes 12.2% budget increase for 2025

The NCUA released its 2025-2026 draft budget – 12.2% higher than last year. Year-after-year increases in the agency’s budget are unnecessary and unsustainable. We’re combing through the complete budget now, intend to present at NCUA’s Nov. 22 public briefing, and will file detailed comments with the agency by its Nov. 27 comment deadline.

Read more about the proposed budget here

Relentless advocacy to advance, empower, and protect credit unions:

• Oral arguments took place Wednesday in our challenge to the Illinois Interchange Fee Prevention Act. America’s Credit Unions and the Illinois Credit Union League attended as our side argued the law would disrupt the payments ecosystem.
• Credit unions participated in a Treasury roundtable, sharing how financial institutions assist borrowers and businesses affected by recent hurricanes.
• Loans outstanding at credit unions declined 0.4% in August, according to our latest Monthly Credit Union Estimates.
• Our Latest Regulatory Comment encourages credit unions to submit comments on NCUA’s proposed call report changes and Nacha’s Same Day ACH changes.
• Leagues and credit unions continued meeting with credit union-friendly policymakers and candidates as members of Congress remain in-district.

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Economic forecast for late 2024, early 2025

Our latest economic update looks at the forecast for the final months of 2024 and into the first quarter of 2025. America’s Credit Unions Head of Emerging Issues/Deputy Chief Economist Curt Long shares thoughts from a group of current and former credit union economists when assessing GDP, the labor market, interest rates, and more, as well as what they all mean for credit unions.

Watch the Economic Update here