Breaking regulatory barriers

Regulatory overreach is a barrier between credit unions and members

This week we brought the unified credit union voice to two important hearings in Washington, D.C., as we continue to advocate against regulatory overreach that’s harming credit unions. These hearings were a chance to directly tell policymakers that poorly tailored regulations are standing in the way of credit unions helping people in a tough economy.

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• Afena Federal Credit Union President/CEO Karen Madry told the Senate Banking Committee how Afena’s unique approach to serving the financial needs of its community is hindered by recent financial regulatory changes.?
• Apple Federal Credit Union President/CEO Andy Grimm emphasized at a joint CFPB/Department of Transportation hearing that credit unions work hard to compete in the credit card market, even as non-interest income is on the decline. ?

Regulatory overreach puts real-life barriers between credit unions and those who need them — this is one story we must continue to tell.

Thank you, Karen and Andy, for telling your stories and engaging with policymakers about how credit unions are unquestionably consumers’ best financial partner.

Debit interchange proposal comments due Sunday

Comments on the Federal Reserve’s debit interchange proposal are due Sunday, and I can’t stress enough how important it is to make sure our concerns with this proposal are heard. We continued our meetings with Fed governors this week, and will be submitting our comments—including a detailed economic analysis of the negative impact—today. CEOs can check their email inboxes for detailed information on how to submit comments.

Check out our interchange resources

Senate rejects Big Box Bailout amendment

The Senate rejected an attempt to attach unrelated amendments, including the Big Box Bailout, to Federal Aviation Administration funding legislation with an overwhelming 85-12 vote. Earlier this week I joined American Bankers Association President/CEO Rob Nichols and Independent Community Bankers of America President/CEO Rebeca Romero Rainey in American Banker on how credit unions and banks agree the Big Box Bailout bill is an attack on consumer security, convenience, and value. We’ll continue to fight against sponsors’ attempts to move this bill forward.

Read our op-ed here

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

• We requested the NCUA explicitly permit reimbursement of childcare costs incurred by a federal credit union board member.
• ?We urged the CFPB to establish a strong verification process for its consumer complaint database.
• ?We told a Senate subcommittee that credit unions strongly support a national data security and data privacy regime with robust standards applicable to all who collect or hold personal data.
• ?America’s Credit Unions Vice President of Diversity, Equity, and Inclusion (DEI) Samira Salem spoke to CUBroadcast about DEI models work in today’s businesses, including credit unions.

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Credit union CEO speaks at bill signing

USF Federal Credit Union CEO Richard Skaggs spoke about the importance of credit unions during the signing of a Florida bill designating credit unions as public depositories. The bill is a significant milestone for Florida credit unions, and Richard said it will enable institutions like USF to invest in community institutions like credit unions. ?

Read about the bill here

Remembering America’s Credit Union Museum’s Peggy Powell

I was saddened to hear of the passing of Peggy Powell, the first executive director of America’s Credit Union Museum. Peggy served for 15 years with the museum and helped guide the museum's development and evolution into an impressive resource that preserves credit unions’ rich history.

Read more here

Save on the World Credit Union Conference

Now is the time to take action if you plan to join us In July in Boston for the World Credit Union Conference. You’ll save $200 on registration with by using promo code “wcuc2024” during checkout. This conference only occurs in the U.S. every four years, and I’m excited to host this event with the World Credit Union Council and connect with credit union leaders from around the world.

Save $200 today