Credit unions needed now more than ever

This weekend marks the unofficial start of summer and offers an opportunity to assess where we are and where we’re going. We’ve made great steps with the 118th Congress, and we’ll work to move forward on our goals in the coming months.

Credit unions’ commitment to financial well-being for all is needed now more than ever, especially if the economy takes a downward turn. That’s a message we continue to bring to policymakers, and one that will continue to get their attention.

Thank you for all that you do for our movement and for your members and communities.

I hope you have a safe and happy Memorial Day and that you’ll take a moment this weekend to reflect on the freedoms we enjoy, what makes them possible, and how we all can work to ensure they’re here for future generations.

Meeting bank narratives with the facts

Banks were in Washington, D.C., for visits, and we engaged with Congress before, during, and after those visits to make sure policymakers had the facts. Our first message emphasized the many areas of agreement we have with community banks: opposition to interchange changes, the need for data privacy and security, changes to the Consumer Financial Protection Bureau, and more. Our second communication showed that—despite any bank claims—the credit union tax status is one of the best public policy investments, generating more than 8.8 times its “cost” in consumer benefits.

Read more here

Highlighting credit unions resilience in Ukraine, Turkey

The Worldwide Foundation for Credit Unions (WFCU) will host a webinar June 22 featuring stories of credit union relief in response to global events. WFCU launched two funds in the past two years―one responding to the Russian invasion of Ukraine, and one responding to the Feb. 6 Turkish earthquake. The event will feature stories from Ukrainian and Turkish cooperatives on their resilience through crisis.

Register for the virtual event here

Golf classic raises $59K for CMN Hospitals

Shout out to credit union partners who raised more than $59,000 for Children’s Miracle Network this week at its Credit Union Miracle Day Annual Charity Golf Classic. More than 120 golfers participated in the event, which was sponsored by more than 80 credit unions and partners. A special nod to MD|DC Credit Union Association President/CEO John Bratsakis for his work chairing Credit Union Miracle Day and supporting other events like this, including April’s Credit Union Cherry Blossom Run.

Read more here

2023 CDFI survey open through June 2

The Federal Reserve is seeking input from Community Development Financial Institutions through its 2023 survey, which is open through June 2. It is open to all CDFIs and aims to understand the current challenges and opportunities for CDFIs. I encourage all credit union CDFIs to fill out the survey to help better inform the fund.

Fill out the survey here

More from 360-degree advocacy

• CUNA Senior Director of Advocacy Elizabeth Sullivan appeared on ACUMA’s OnPoint podcast to discuss why credit union lenders need to be involved in advocacy.
• We wrote the House Financial Services Committee that credit unions provide a vital partnership in helping the Federal Housing Finance Agency achieve its housing mission and goals for its oversight hearing.
• We wrote the House Small Business Committee in support of a bill to exempt loans made to veteran-owned businesses from the credit union member business lending cap.
• Cooperative Credit Union Association President/CEO Ron McLean and I thanked Sen. Tom Carper, D-Del., for his work alongside credit unions in support of data security legislation. Carper announced he will not seek re-election next year.