Berger touts CUs’ winning advocacy
In an op-ed for Credit Union Times, NAFCU President and CEO Dan Berger touts credit unions’ history of strong advocacy efforts that have led to major victories, including the recent passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) and protection of the industry’s tax-exempt status during tax reform, among others.
“For a decade, credit unions have been fighting back against the onslaught of burdensome regulations that came in the wake of the 2008 financial crisis,” Berger wrote. “In these past 10 years, we’ve seen unprecedented consolidation in our industry as smaller institutions couldn’t operate with so many compliance costs. But now we’re turning the tide – the most comprehensive regulatory relief package since the Dodd-Frank Act was enacted last month.”
Berger highlighted the tremendous amount of effort that goes into legislative and regulatory wins, including meetings and phone calls with key lawmakers and regulators to educate them on how credit unions and others have been impacted by restrictions on financial services.
He also discussed the critical components of advocacy, including: having solid relationships with decision makers in order to “have a seat at the table,” sharing proof points of how legislation and regulation are impacting local communities and staying committed to credit unions’ mission even during challenging times.
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