Congressional speakers praise credit union difference
WASHINGTON, DC (March 2, 2022) — Reps. Tom Emmer (R-MN), Linda Sanchez (D-CA), Blaine Luetkemeyer (R-MO), Ed Perlmutter (D-CO), and Brad Sherman (D-CA) extended their gratitude for the credit union difference Wednesday morning at the Credit Union National Association (CUNA) 2022 Governmental Affairs Conference (GAC). Below are excerpts from their speeches:
- Rep. Tom Emmer (R-MN): “In spite of all those heroic efforts you’ve done on behalf of your membership across this country, the unfortunate reality if you’re still dealing with very burdensome regulations.” He later added that, “we have to get America back working again, and a big part of this solution is right in this room.”
- Rep. Linda Sanchez (D-CA): “Thanks to credit unions stepping up, small businesses were able to find relief when the big banks wouldn’t help. They were able to talk to a live person when they just wanted to understand what a PPP loan even was. That’s why in successive relief packages we reserved small business relief for CDFIs including many credit unions that we could count on to help the people that needed help the most.”
- Rep. Blaine Luetkemeyer (R-MO): “Credit unions did a great job making sure the money got to the right people for the right reason,” he said. “I’m going to have a bill to take away the direct lending authority for the SBA, because you are the ones that know how to make loans, you know your customers, and will make sure they money gets into the right hands.”
- Rep. Ed Perlmutter (D-CO): Congressman Perlmutter highlighted how his bill, the Secure and Fair Enforcement (SAFE) Banking Act, which would provide a safe harbor for credit unions serving legal cannabis businesses. “The bill was brought to me by credit unions who said we need a financial safe harbor so we can provide financial services to the cannabis industry,” he said, and pledged to “keep adding it to whatever I can until we pass the darn thing.”
- Rep. Brad Sherman (D-CA): “I often talk to the head of the CFPB, and the last one and the one before that, and remind them that we put Dodd-Frank section 1022 there for a reason, to say they have the authority—I believe the responsibility—when they come up with regulation to have a simplified version or an exemption for smaller financial institutions. Once size does not fit all.”
Read more conference coverage from CUNA News, and get live updates on Twitter via @CUNA_News, @cumagazine, @CUNA, and by using the #CUNAGAC hashtag. You can also follow the conference on Facebook and Instagram. For a complete schedule and information on keynote speakers and breakout sessions, visit the CUNA GAC event page.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 120 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.