Important conversations and actions

Important conversations and actions

In our movement, we talk often about our "people helping people" philosophy. It has never been clearer to me that if we're going to achieve our mission, we need to have honest, important conversations about racism, discrimination, and socio-economic disparities in our communities. And we need to take action.

The horrific death of George Floyd in Minneapolis has challenged me to listen, learn, and participate in the conversation. As a white man with privilege, I get to choose how deeply I engage in conversations about structural racism in this country. Those impacted, particularly the African American community, live and breathe the burden of racism every day. It's long overdue that the rest of us open our eyes, listen with our hearts, and relieve the weight of that burden.

Yesterday, the CUNA Board of Directors passed a resolution acknowledging our country's historic, systemic, and institutionalized racism that has particularly targeted African Americans, directing CUNA to identify ways to make meaningful change. The Board came to this vote understanding credit unions' role as stewards of financial inclusion. Together, we have the power and responsibility to tear at the fabric of racial discrimination. 

Important conversations don't lead to easy actions, and I would never suggest I have the answers. I know I have a lot to learn from those who have long led on this conversation, like the African American Credit Union Coalition (AACUC). If you're looking for a place to start, I encourage you to take a moment and read a piece by AACUC president/CEO Renée Sattiewhite, a statement from NCUA Chairman Hood and a message from the National Credit Union Foundations' Chad Helminak, Director of DE and Cooperative Culture. 

CU champions win primaries

As a movement, we know the value of having champions in Congress. After primaries in several states this week, Credit Union Legislative Action Committee (CULAC) continues to support winning candidates, setting our movement up for advocacy wins in the future.

360-degree advocacy

• PPP Loans: We've been calling for improvements with SBA's PPP Loan program, and this week the Senate passed a bill that was already approved by the House to improve forgiveness options.
• Inclusive lending: We engaged with a House subcommittee hearing on inclusive lending, sharing the ways Congress can help credit unions promote equal lending opportunities.
• CARES Act: We urged the Senate Banking Committee to support extending several provisions in the CARES Act for at least a year as recovery continues.
• Autodialing: We joined other financial trades and filed comments with the FCC regarding rulemaking on TRACED Act provisions to ensure credit unions can legally and easily connect with members. 
• Housing assistance: We support a bill introduced by Sen. Jack Reed that would establish a housing assistance fund at the Treasury.
• CFPB taskforce: We responded to the CFPB's call for feedback regarding its Taskforce on Federal Consumer Financial Law, saying the taskforce should consider how its rules impact credit unions.
• Appraisal requirements: We filed a letter with NCUA in support of its interim final rule to temporarily defer the appraisal requirement, which we believe would minimize instances of borrowers experiencing delays in getting needed money.

PSECU's Margaret Delmonico named as Credit Union Hero of the Year!

Congratulations to PSECU's Margaret Delmonico for well-deserved recognition as the 2020 Credit Union Hero of the Year, sponsored by Symitar. Margaret's decades of service are inspiring and an example we can all learn from.

DC, Maryland credit unions provide over $1 billion in relief

The MD|DC Credit Union Association is sharing the incredible ways credit unions have stepped up for members in response to COVID-19. Maryland and DC credit unions provided over $1 billion in loan relief, helping 42,000 consumers. 98% of credit unions surveyed are offering fee waivers and 877 members received $3 million in emergency loans. Great summary from the League and fantastic work by these credit unions!