Continuing the interchange fight

We’re continuing the pressure against the big box interchange bill as Congress heads into the final weeks before the holiday break.

Credit unions have known since before the Durbin Amendment that government price controls on interchange are bad news for community-based financial institutions, but we need to continue to pro-actively stifle any potential support.

The Miami Herald published my op-ed Monday calling on Congress to reject the big box retailers’ push for a bailout paid for by consumers. I cited a George Mason University study estimating the Durbin Amendment led to an additional 1 million people becoming unbanked in the years since it was enacted. We can’t afford to let history repeat itself.

Maine Credit Union League Vice President of Governmental Affairs Robert Caverly wrote in the Portland Press Herald that the bill would hamper the credit union mission of supporting communities and small businesses.

We’re not the only ones concerned about this bill.

Montana State Reps. Steve Gunderson and Ron Marshall shared in the Flathead Beacon that the bill would jeopardize the ability of credit unions and other community financial institutions to serve businesses, farms, and ranches.

We’re already planning the next phase of our campaign against this bill where we’ll continue to amplify the data and stories that show the truth about this bill.

Read about the latest interchange advocacy here

CUNA, Leagues engage with Speaker of the House

CUNA Deputy Chief Advocacy Officer for Congressional Relations Abby Gunderson-Schwarz, League of Southeastern Credit Unions President Samantha Beeler, and Louisiana Credit Union League President/CEO Juan Fernandez attended an event at the home of Rep. Vern Buchanan, R-Fla., this week. Credit unions had great interactions with Speaker of the House Mike Johnson, R-La., and more than a dozen other legislators. CUNA-League advocacy means bringing credit union issues to policymakers whenever possible. Thank you to those who helped make this event possible.

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2024 GAC is approaching

America’s Credit Unions has plenty to accomplish next year and beyond, and the 2024 Governmental Affairs Conference is a key opportunity to advance our goals. It will be the first chance for all of us to come together as a united national association with a strong voice to advocate on behalf of our members. We’ve got some exciting GAC announcements coming up before the end of the year, so stay tuned for more!

Register for the 2024 GAC here

Panel talks about why DEI is here to stay

CUNA Vice President of Diversity, Equity, and Inclusion (DEI) Samira Salem moderated a panel discussion Thursday at the United in Sustainability 6th Annual Summit for the Credit Union Industry. The panel—which included remarks from African-American Credit Union Coalition President/CEO Renee Sattiewhite, NCUA Office of Minority and Women Inclusion Director Miguel Polanco, and Hudson Valley Credit Union Vice President of DEI Ashley Riker—showed why DEI isn’t just a fad, it’s an essential part of fulfilling the credit union mission.

Read more about the summit here

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CUNA, NAFCU provide comments for CFPB director hearings

We joined NAFCU in sending letters to House and Senate committees prior to testimony from Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. The comments included principles we believe should guide any CFPB action going forward and raised several specific credit union concerns about the broad use of “junk fees,” current rulemakings, and more.

Read the comments here

More from 360-degree advocacy

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• CUNA and NAFCU requested the Federal Reserve provide additional time for comments on its proposal to make changes to the debit card interchange cap.
• We wrote to a House subcommittee outlining our concerns with the Department of Labor’s overtime proposal. ?
• The House passed a resolution of disapproval for CFPB’s section 1071 rule, which follows Senate passage last month. CUNA and NAFCU wrote in support of the resolution prior to the vote.?
• Credit union-supported Celeste Maloy (R) was elected to Utah’s 2nd Congressional District last week in a special election. The Utah Credit Union Association held an event at Credit Union House celebrating Maloy’s victory.