Priorities to guide credit union advocacy
Jim Nussle
Chief Executive Officer, AMERICA’S CREDIT UNIONS. Our mission is to advocate for and advance an environment where credit unions thrive.
The latest on tax, business lending, and interchange
Things are picking up in Washington, D.C., with hearings underway and legislation introduced in Congress. As the new president takes office Monday, more nominations, hearings, and votes will follow.
We’re already engaging with incoming officials about credit unions’ key priorities.
The House Ways and Means Committee conducted the first tax reform hearing of the new Congress this week, which did not mention the credit union tax status. And we sent the first of what’s sure to be many letters to the committee this week, reminding them that any change to the credit union tax status is a tax hike on more than 140 million consumers nationwide.
Not only does the credit union difference bring tens of billions in benefits every year, but credit unions remain a vital source of financial services for the people the big banks leave behind. That’s why 60% of voters support preserving credit unions’ tax status—they recognize that a new tax will hurt American families and Main Street small businesses, only to the benefit of big Wall Street banks (America’s Credit Unions’ poll by CYGNAL/FederickPolls, December 2024).
We also saw a bipartisan credit union bill introduced in both the House and Senate that would increase credit unions’ ability to serve veteran-owned business.
This bill is the perfect example of policy that will help us achieve our priorities by creating greater lending flexibility to benefit small businesses. We’ll keep working with policymakers on more bipartisan, common-sense legislation like this in the coming weeks.
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Assistance available for those impacted by wildfires ??
California is in a declared state of emergency due to ongoing wildfires, and resources are available for those affected. The National Credit Union Foundation’s CUAid grant program is committed to assisting credit union employees and volunteers impacted by the fires, and the California Credit Union League’s Crisis Response page contains links to CUAid, emergency disaster relief grant applications, and more.?
Turn members, staff into advocates
Our Member Activation Program (MAP) is a critical advocacy tool designed to empower credit unions with communications resources to get members and staff engaged. By providing customizable content and templates, MAP will help expand our grassroots footprint and ultimately ensure credit union members and your staff can make their voices heard on issues that directly affect them.
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Illinois interchange challenge update
This week we filed a supplemental briefing in our challenge to the Illinois Interchange Fee Prohibition Act (IFPA). The December injunction against the rule did not include credit unions, as the judge requested additional information related to the Federal Credit Union Act. Our briefing, filed together with the Illinois Credit Union League and banking groups, answers those questions to resolve the issues. We expect an updated decision soon to ensure credit unions also obtain relief from this misguided law.
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CFPB withdraws UDAAP overreach proposal
Credit unions saw a win this week as the CFPB withdrew its proposal that would have made instantly declined transaction non-sufficient funds fees unlawful. While credit unions and other financial institutions rarely engage in this practice, as shown by the CFPB’s own research, the proposal represented a troubling overreach of unfair, deceptive, and abusive acts or practices (UDAAP) authority.
Relentless advocacy to protect, empower, and advance credit unions:?
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Sharing the outlook for 119th Congress
Thank you to Association of Vermont Credit Unions President/CEO Joe Bergeron for hosting Chief Advocacy Officer Carrie Hunt and me on the association’s latest podcast episode. We enjoyed the discussion with Joe, sharing our thoughts on what the new Congress and administration mean for credit unions, how we can execute on our policy priorities, and more.
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Ongoing international advocacy help for Ukranian credit unions
We saw another international credit union advocacy win as the National Bank of Ukraine approved amendments ensuring a more consistent regulatory framework to meet national and international legal requirements. The World Council of Credit Unions and the U.S. Agency for International Development advocated for these changes to increase funding opportunities for Ukranian credit unions as they continue support and recovery in Ukraine.