For Credit Unions, Information is Power and the Messenger is Key

“Information is power” – this maxim drives decisions and policy in Washington.

This is never more important than when working to advance the credit union agenda, where being able to deliver concrete examples and quantifiable information strengthens one’s message and adds credibility.

Harmful legislation or regulation can be won, lost, delayed or altered by a robust grassroots advocacy program. There’s a very important component to NAFCU’s advocacy efforts that you can help with: participate in our research surveys. Here’s how that works.

Each month, NAFCU staff members brainstorm about hot-button regulatory and legislative issues and the challenges faced by credit unions. We want to make sure we focus on the issues that are of greatest concern to our members. That discussion is boiled down to 15 to 20 questions that become the basis for that month’s Economic and CU Monitor survey.

That data is critical to our efforts to communicate with policymakers in Washington. It’s one thing to speculate on how new legislation would affect credit unions, but it is much more persuasive to have actual data points to illustrate the effect. We use the data in conversations and in comment letters to regulatory agencies and to Capitol Hill, and with the media.

For example, last month we surveyed members on risk-based capital and found that they favored risk-based capital by a 2:1 margin. This month, we are requesting input on overdraft fees because the Consumer Financial Protection Bureau (CFPB) is conducting an inquiry into financial institutions’ overdraft protection practices and seeking comment.

Our staff members are always talking to lawmakers, but this fall, our data will be even more crucial. Every September, credit union leaders from throughout the country come to Washington, D.C., for our annual Congressional Caucus – an opportunity to educate our senators and representatives about what is most important to credit unions, their members and their communities and make sure the credit union industry’s voice is heard.

Last September, we introduced a groundbreaking, independent study on the benefits of the credit union tax exemption.  The study showed that all Americans – not just credit union members – are benefiting from the tax exemption. It also showed that eliminating the exemption would cost the federal government $15 billion in lost tax revenue over the next 10 years and result in 1.5 million lost jobs. That’s something Congress needed to know – and needs to be reminded of, as the tax exemption continues to require our protection.

We had the right information, and we had you at Caucus to convey that information personally. This year, your presence at Caucus is even more important. After all, no one tells your story better than you do.

We need a strong presence to storm the Hill to remind lawmakers how important credit unions are. So mark September 8-11 on your calendar, and register now to attend the Caucus this year, to make sure the credit union voice is strong and we get our message across.