Your stories make a difference
Jim Nussle
Chief Executive Officer, AMERICA’S CREDIT UNIONS. Our mission is to advocate for and advance an environment where credit unions thrive.
We welcomed the opportunity to put credit unions front and center before the House Small Business Committee this week, as Georgia’s Own Credit Union Chief Commercial Lending Officer Mike Sims shared how credit unions use Small Business Administration (SBA) programs to serve small businesses.
Mike made a great case with lawmakers, explaining the challenges credit unions face in getting SBA loans to community-supporting small businesses that cannot get capital because of bureaucratic red tape. ?
Mike also looked to the bigger picture, sharing what’s at stake during tax reform discussions and warning lawmakers that eliminating or changing the tax status would mean fewer credit unions—especially in rural markets—leading to less deployment of capital. He spoke to how that would be a “detriment to business members as well as consumers in the marketplace.”?
Committee members were very interested in what he had to say, and many recognized the role credit unions play in their communities, in support of businesses, and even contributing to overall economic growth.?
As we work to secure policies that will strengthen credit unions, it’s imperative that lawmakers understand the why behind it all. Looking ahead to GAC, start thinking about the story you want to tell. What do your members count on you for? How do you show up for them? How will discussions happening in Washington, D.C., impact people across the country??
Stories like these are what make a difference in legislative battles. And stories like these will help us achieve a brighter future for credit unions and your members.?
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CFPB leadership changes, activities halted
We’ve had a week of change at the CFPB, with the president naming two different acting directors, then nominating a permanent replacement, all in rapid succession. Office of Management and Budget Director Russ Vought is the current acting director, and instigated a total freeze on bureau activity. Jonathan McKernan, formerly of the FDIC board, was officially nominated to take over as director a few days ago. ?
Despite all of the changes at the bureau, America’s Credit Unions is here to support you and keep you informed. During our Advocacy Update Webinar this week, the team dove into the details and we compiled all questions from the webinar. We are here to help guide credit unions through any regulatory uncertainty—please don’t hesitate to reach out to our Compliance Team with any questions.?
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Board modernization legislation moves forward
The House passed the bipartisan Credit Union Board Modernization Act this week by voice vote. This bill would provide a much-needed update of federal credit union board meeting requirements, allowing credit unions to redirect time and resources to member needs. This puts us one step closer to getting this common-sense, bipartisan legislation across the finish line.?
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Unified front on tax fight?
I want to thank CrossState Credit Union Association President/CEO Pat Conway and Cornerstone League President/CEO Caroline Willard for bolstering our unified voice in the tax fight with their outstanding op-eds on the importance of credit union advocacy—not just for credit unions, but for consumers. Pat explained the urgency in getting policymakers to understand the credit union difference. Caroline shared what’s at stake for members and communities, and why the tax status matters more than ever. Protecting credit unions’ tax status will take all of us working together, and I am grateful to have such strong partners in this fight.?
Relentless advocacy to protect, advance, and empower credit unions:?
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Compliance Year in Review now available?
Our Compliance Team released its 2024 Year in Review, outlining everything credit unions should know about regulators, rulemakings, and more activities from last year. The review covers NCUA, CFPB, and other notable actions, what credit unions should look for in 2025 related to those activities, and what credit unions should expect in 2025 from a compliance perspective. ?
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GAC hotel deadline ends today
Today is the last day to reserve your hotel room for GAC. Be sure to book your room as soon as possible if you haven’t already. We will soon be sharing several resources to support our advocacy while we’re in D.C.—if you have any questions or need help scheduling a meeting with lawmakers, reach out to our Advocacy Team.?
If you can't make it to Washington, D.C., Virtual GAC brings the experience to you. Join live-streamed sessions featuring top speakers, participate in interactive discussions, and connect with industry leaders from wherever you are.?