Credit unions grow when members succeed

Accurate, relevant information is essential to the advocacy process. That’s why MD|DC Credit Union Association President/CEO John Bratsakis and I couldn’t let the latest inaccurate bank attack—this one in The Hill—go unaddressed.?

We submitted the response but were denied publication without a reason, so John and I brought the facts to LinkedIn.

Protecting, advancing, and empowering credit unions means getting the facts in front of the people who claim credit unions shouldn’t compete with banks. Because the credit union tax status comes from your not-for-profit structure—a responsibility you work diligently to uphold.

Credit unions grow and succeed as your members grow and succeed. An example of that is credit unions constantly work to find new and better ways to serve members and reach communities that have been left behind. Caring about people—not profits—means credit unions will always be fundamentally different than the for-profit banks, no matter who tries to fudge the numbers.

Read the post here

Leading the fight to keep the interchange system

America’s Credit Unions Chief Advocacy Officer Carrie Hunt shared the latest on our interchange fight this week across multiple channels:

• Tuesday, she spoke at a Punchbowl event on why credit unions are fighting on behalf of all consumers against efforts to reduce interchange income. ?
• She also wrote in CUInsight that these misguided attacks will cause widespread harm in the financial system. And, ?
• Following-up on the hundreds of meetings you held with lawmakers during GAC, she sent a message to Congress on how interchange works. ?

The proposed changes to debit and credit card interchange, being considered by the Federal Reserve and lawmakers, respectively, would line the pockets of the biggest retailers at the expense of consumers and small businesses.

Read the latest on the interchange fight here

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All credit union candidates win in Illinois, Ohio primaries

Credit union-backed candidates went 24 for 24 in Illinois and Ohio primaries Tuesday. America’s Credit Unions PAC and the Illinois Credit Union League supported Rep. Mike Bost, R, in his successful—but very close—primary race that included targeted ads sent to voting credit union members. The Ohio Credit Union League and our PAC also backed Republican Michael Rulli to fill the seat left open by the resignation of Rep. Bill Johnson. Rulli will compete to fill the rest of this term, and for a full term in November.

Read the recap of this week’s primaries

Navy Federal conducts external mortgage lending review

Navy Federal announced the result of an external review of its mortgage lending Thursday in response to a recent CNN article. It covered non-public underwriting factors including credit score, income verification, debt-to-income ratio, and incomplete credit applications and found no race-based decision making in mortgage underwriting. Former U.S. Commission on Civil Rights Commissioner Debo Adegbile conducted the review and found “when all relevant factors are controlled for, which CNN did not do, the difference in approval rates between Black and white borrowers falls to less than 1%,” with the remaining difference explained by factors like income verification and incomplete credit applications.

Read the results here

Relentless advocacy for the credit union industry:

• We support a bill from Sen. Tim Scott, R-S.C., that would prohibit the Small Business Administration (SBA) from becoming a direct lender. ?
• The funding package unveiled by Congress Thursday directs the Community Development Financial Institutions Fund to brief Congress on the rollout of the new certification application and directs the Small Business Administration to issue a report on its oversight capabilities, both priorities supported by credit unions.
• We shared the numerous benefits of the credit union tax status in letters to House and Senate committees on the White House’s FY25 proposed budget.
• Thank you to Credit Union League of Connecticut President/CEO Bruce Adams for testifying in person before the Connecticut General Assembly Wednesday in opposition of a harmful interchange bill. All-encompassing advocacy includes stopping these bills at both the state and federal level.

Visions FCU’s Ty Muse honored by N.Y. Senate

Join me in congratulating Visions Federal Credit Union President/CEO Ty Muse, who was awarded the New York State Senate Commendation Award during a Black History Month celebration. State Sen. Lea Webb honored Ty’s contributions in the ongoing journey toward equality and inclusivity and called for continued commitment “to supporting and uplifting the voices and achievements of the Black community, recognizing our indispensable role in weaving the rich fabric of our society.” Ty also serves on the African-American Credit Union Coalition Board of Directors. Congratulations Ty!

Read more about the honor here