Engaging with NCUA

Nominee named for NCUA Board Member

Credit unions are uniquely positioned in financial services with our own regulator. NCUA has a vested interest in our movement's success, and while we don't always agree on every issue, the administration is a critical stakeholder in our efforts to support credit union members. 

This week, President Trump announced the nomination of Kyle Hauptman to the NCUA board, taking the place of J. Mark McWatters. We're grateful for a nominee and will be watching closely as Hauptman goes through the nomination process. If confirmed, he would sit on the board until August 2024. 

An important part of CUNA's relationship with NCUA is our engagement with its Board Members. Just this week, Board Member Todd Harper spoke to our Consumer Protection Subcommittee about COVID-19-related challenges. I also spoke with him directly about CUNA's commitment to financial inclusion in the wake of calls for social justice. The bottom line is that we will achieve more if we all work together and that certainly includes our regulator.

Credit unions win on California Assembly bill failure

Credit unions in California earned a huge win this week when a well-intentioned, but extremely badly executed bill failed to be brought up for reconsideration. The California and Nevada Credit Union Leagues fought hard to protect mortgage and auto lending services, and CUNA also shared our support by joining other national financial trades in urging the California State Assembly against the bill. Congratulations again to the League for its leadership and all the credit unions in California that worked incredibly hard on this effort.

360-degree advocacy

It's so important that credit unions are heard by our policymakers, and CUNA and Leagues are working together to champion our movement. If you want to get involved on the federal or state level, but need some tips on where to start, I encourage you to read advice in CU Insight from Tom Kane, President/CEO of the Illinois Credit Union League.

Here's some of what we engaged on this week in Washington:

• COVID-19 scammers: A particularly disturbing side effect of COVID-19 is the rise of financial scammers. We urged Congress to pass several bills that would support financial institutions in our efforts to stop these nefarious actors. 
• The Fed's COVID-19 response: Federal Reserve Chair Jerome Powell provided semi-annual testimony before the House and Senate this week. We used this as an opportunity to share the positive steps the Fed has taken to strengthen our financial system in the wake of COVID-19 and additional measures that can be taken.
• SBA PPP Loan program: There are ongoing efforts in Congress to understand pain points within the SBA PPP Loan program.We continue to share credit unions' experiences and push for operational changes that should be addressed if more funding is provided.
• CFPB leadership commission: We've long argued the CFPB's single director structure should be changed to a leadership commission, and this week we shared our support for a new bill that would create a five-person bipartisan commission. We're also watching closely for the Supreme Court's decision on Seila Law v. Consumer Financial Protection Bureau, where we previously filed an amicus brief.

Reflecting on Juneteenth

In reflecting on Juneteenth today, it's my hope that the news cycle continues to focus on the fight for social justice but know that even if it's not in the headlines, we're committed to taking action for change. CUNA is proud to be a founding organization of the Credit Union Diversity, Equity and Inclusion Collective, a group of stakeholders in our movement that are working to share, collaborate, and develop greater DEI across our industry. I encourage you to learn more and join our efforts.

I also had the opportunity this week to engage in more conversations about social justice and the ways credit unions can take action to support marginalized communities through financial inclusion and other measures. I want to thank Renee Sattiewhite, President/CEO of the African-American Credit Union Coalition (AACUC), for joining the entire CUNA staff for a conversation on recent events, the long history of systemic racism in this country, and the credit union lens for lasting change. I also want to thank SchoolsFirst FCU for inviting me to join its staff in a similar conversation. 

Maine credit unions work to end food insecurity

For 30 years, Maine credit unions have been raising money to help fight food insecurity in the state. This year, the Maine Credit Unions' Campaign for Ending Hunger takes on new urgency as so many people struggle with the economic fallout of COVID-19. A recent video from Maine Governor Janet Mills hits home the critical impact efforts like this will have in her state – and I have no doubt the same is true for similar efforts Leagues and credit unions are undertaking across the country.