AUSTIN, Texas (8/15/14)--Credit union leaders from Texas, Oklahoma and Arkansas gathered in Austin, Texas, this week to take part in the Cornerstone Credit Union League's 2014 Legislative Summit.
The league hosts the two-day event as an opportunity for credit union minds to come together and discuss strategies for broadening the movement's political influence and to determine state and federal priorities (Leaguer Aug. 14).
On the first day, Jim Phelps, Cornerstone's vice president of advocacy, led the proceedings with an overview of the recent Cornerstone advocacy survey, which aimed to help identify the issues that are most important to credit unions.
One of the overriding results of the survey was that, for a number of reasons, most credit unions believe the industry must be politically engaged. "There's too much at risk to not be involved," said one respondent.
Phelps was followed by Sam Whitfield, Credit Union National Association vice president of legislative affairs, who offered an update on recent legislative activities within Congress.
Whitfield also brought with him the message that credit unions must stay as engaged as they were during the successful "Don't Tax My Credit Union" campaign, explaining that similar efforts could be critical in tackling future regulatory issues.
On the second day, Buddy Gill, National Credit Union Administration senior adviser to the chairman, presented an update on the NCUA.
Gill also touched on the proposed risk-based capital rule, discussing why the NCUA developed the original proposal and the capital standards the administration is considering.
Upon finishing his remarks, Gill opened up the floor to questions, which were largely dominated by those about risk-based capital.