Don’t tune out politics – be an advocate for credit union issues

With the presidential election having dominated the news cycle for months – and the election still months away – it’s understandable that some people just want to tune it all out. But credit union professionals are never the type to sit something out. They know that elections are a crucial time to engage.

The credit union industry is continuing to get rave reviews from consumers who are finding out there’s a big difference between credit unions and banks. We need to use every opportunity we have to make sure lawmakers and regulators are seeing the difference as well.

The best way to tell lawmakers about the difference that credit unions are making in their constituents’ lives is to do it face-to-face. Credit unions understand the value of relationships and how important it is to connect with members personally. What better way to show members of Congress how effective that approach can be than to meet with them personally?

Many of you have attended NAFCU’s Congressional Caucus in the past; this year, it’s set for Sept. 18-21 at the Hyatt Regency Washington on Capitol Hill, right in Congress’ backyard. With elections coming up soon for the White House, the House of Representatives and a third of the Senate in November, the Hill is going to be full of activity – and it will be a great time to make credit unions’ voices heard.

Here are just a few of the crucial issues we’ll be talking to lawmakers and regulators about:

• NAFCU’s top advocacy priority continues to be ensuring the safety of the credit union federal income tax exemption. NAFCU has recently been in communication with the leaders of the Senate Finance Committee and the House Ways and Means Committee about the importance of protecting credit unions’ exemption, as Congress considers potential tax reform plans. September will be the perfect time to show lawmakers how crucial the exemption is to credit union professionals on the ground.
• NAFCU has also been defending NCUA’s first effort in more than 10 years to modernize field-of-membership rules from continued disingenuous attacks by bankers who claim the reform would give credit unions an unfair advantage. NAFCU President and CEO Dan Berger has been busy setting the record straight on the Hill, and I know he’s eager for lawmakers to hear from credit unions about how the rule will make a difference for them.
• Data security breaches continue to grab headlines week after week, and NAFCU is continuing to push for the passage of the “Data Security Act” (R. 2205/S. 961), which would finally hold retailers to the same standards credit unions follow under the Gramm-Leach-Bliley Act as well as institute consumer notification requirements. As credit unions continue to be on guard for the next credit card breach to hit a retailer, we need Congress to act sooner rather than later.

NAFCU staff will also be keeping tabs on a draft bill from House Financial Services Committee Chairman Jeb Hensarling, R-Texas, aimed at reforming the Dodd-Frank Act and giving credit unions relief, and a bill (S. 1484) from Senate Banking Committee Chairman Richard Shelby, R-Ala., which includes several NAFCU-backed provisions for credit union regulatory relief. We will be telling lawmakers loud and clear about the need for regulatory relief as elections approach.

As lawmakers and regulators in Washington prepare for a new administration in 2017, this is a crucial time for credit unions to make their needs and concerns heard. Credit unions are helping people live better lives every day by giving them attentive member service, efficient financial services and support when making big moves like going to school or buying a house. By supporting credit unions, decision-makers in Washington will be helping their constituents too. Caucus will be a can’t-miss opportunity to join us to tell them all about it.