Emphasizing the credit union impact of policy changes

It was a busy week engaging with policymakers in Washington, D.C., as our advocacy team met with members of the Federal Reserve Board—including Chair Jerome Powell—and the Federal Communications Commission (FCC).??

We’ve been very clear about our opposition to the Fed’s debit card interchange proposal, but we continue to emphasize the very real negative impacts in these meetings. ?

In the meeting this week with the Fed’s Powell and Governors Adriana Kugler and Chris Waller, we emphasized how this proposal will make it harder for consumers to access safe and affordable financial services, and noted these concerns are shared by a bipartisan group of legislators.??

I also met with FCC Commissioner Geoffrey Starks to discuss the FCC’s latest actions, including its final revocation of consent rule related to robocalls and robotexts.?

These meetings are about ensuring the unified voice of credit unions and members are heard by the people who are developing and enacting policies that will affect you every day. ?

Joint resolutions would void credit card late fee rule?

We support joint resolutions introduced in both chambers of Congress this week to void the CFPB’s credit card late fee final rule using the Congressional Review Act. This misguided rule should be withdrawn before it takes effect, as it demonstrates a fundamental misunderstanding of how credit cards works. The arbitrary $8 fee (less than the federal government charges for many payments services) is unlikely to reduce consumer debt, while the rule’s impact on underserved communities will be substantial.??

Read about the resolutions here .

Relentless advocacy for the credit union industry:?

• We joined trade organizations in calling for Congressional scrutiny into the CFPB’s proposed auto loan data collection.??
• We wrote the Senate Judiciary Committee with concerns about potential policies to restrict arbitration as the changes could jeopardize access to affordable financial services.?
• We’re analyzing the draft data privacy legislation released this week, which has some positive aspects, as well as some areas of concern.??
• We filed an amicus brief arguing the Fair Credit Reporting Act is meant to resolve factual—not legal—disputes.??
• We wrote committees in support of international credit union priorities as they consider the FY2025 budget for the U.S. Agency for International Development.??

Credit unions raise more than $766K for CMN Hospitals

Thank you to credit unions who helped raise $550,000 for Children’s Miracle Network Hospitals, which we presented at the 51st Cherry Blossom Run last weekend. I was joined by America’s Credit Unions Transition Board Chair Brian Schools, MD|DC Credit Union Association President/CEO John Bratsakis (who chairs Credit Union Miracle Day), and other credit union advocates at the finish line Sunday morning. The Annual Credit Union SACTOWN Run also raised more than $216,000 for California and Nevada CMN Hospitals, supported by the Leagues and credit unions from those two states.??

Read about the races here .

Last chance to save on the World Credit Union Conference

A quick reminder that the early bird deadline for the World Credit Union Conference is today. Happening in Boston July 21-24 in partnership with World Council of Credit Unions, this unique event is the only global credit union conference to bolster our industry's professionals. You'll not only find the inspiration and strategies to transform challenges into opportunities for growth and impact, but you’ll build connections from across the globe.? ?

Register today .