Credit unions come to Washington, D.C.

Leagues and credit unions representing eight states were in Washington, D.C., this week for visits with elected officials and policymakers.?

These visits are our chance to bring the credit union difference directly to lawmakers, and to give one final push for the bills and policies we support before the 117th Congress adjourns.?

This week was only the beginning of an extremely busy month on Capitol Hill for credit unions, as nearly every state and League will be coming to Washington to show officials what “people helping people” means for their constituents.?

Thanks to all who have conducted visits so far, and to those who haven’t experienced one yet, I encourage you to reach out to your League to get involved.?

You know the amazing things your credit union does every day, and what additional policies could help you do even more for your members and communities.?

These visits are about turning our already great work into the ability to reach even more people with the credit union difference.?

CDFI Fund issues harming communities

I wrote an op-ed in Credit Union Times this week calling attention to the issues credit unions are experiencing with the Community Development Financial Institutions (CDFI) Fund, which is putting much-needed funding for communities in jeopardy. A number of credit unions have had their status revoked and have been given unclear instructions on how to fix it, even though we are approaching a six-month freeze in CDFI applications starting Oct. 1. We’ve tried to work with the Fund for several months, but it’s rapidly becoming too late. We are calling on the Fund to issue provisional CDFI reaccreditation for these credit unions immediately.?

Read more here

CUNA collaborates with NSA for I.G.N.I.T.E. program

CUNA announced a strategic collaboration with the National Sheriffs’ Association (NSA) to support its Inmate Growth Naturally and Intentionally through Education (I.G.N.I.T.E.) program. This extends credit unions’ reach further into the financial well-being for all space, as we coordinate with the NSA to combat alarmingly high recidivism rates. Incarcerated individuals often face barriers securing employment, transportation, and other building blocks for good financial health when they leave jail, and this puts the credit union difference to work where it’s needed most.

Learn about the collaboration here

Share your thoughts in our annual membership survey

Yesterday, I sent credit union CEOs an email invitation to complete the annual membership survey. I highly encourage you to complete it. It’s an opportunity to voice your opinions on how we’re doing and what we can do to improve, which helps us tailor our actions to fit your needs. Improving membership experience is a top priority for CUNA, and your feedback is invaluable in helping us achieve this.?

Marshall-Durbin bill would repeat costly mistakes

Thanks to Spero Financial President/CEO and Carolinas Credit Union League Board Member Brian McKay for collaborating with the League on a fantastic op-ed in South Carolina’s Post and Courier explaining how the Marshall-Durbin interchange bill would repeat the costly mistakes of the Durbin Amendment. Brian correctly notes in the paper—which covers the entire state—the bill is simply “meddling in banking networks that protect financial data, benefit consumers and provide fast, efficient transactions” to benefit big box retailers at the expense of consumers and credit unions.?

Read the op-ed here

360-degree advocacy

• NCUA released a CUNA-requested tool to help small credit unions comply with the current expected credit loss (CECL) standard that becomes effective in January.?
• We wrote to the Federal Trade Commission supporting the goals of its auto dealer proposal, but noted several concerns, including unclear provisions and a reach far beyond stopping bad actors.?
• We support efforts from Reps. Chrissy Houlahan, D-Pa., Judy Chu, D-Pa., Nydia Velazquez, D-N.Y., and 37 other members of Congress to stop unfairly penalizing certain Paycheck Protection Program borrowers.?
• Five credit union supporters won in Tuesday’s primaries in Delaware, New Hampshire, and Rhode Island.?
• We wrote the Senate Banking, Housing, and Urban Affairs Committee supporting further exploration of “buy now, pay later” products and companies that offer them.?