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I am surprised that the reaction some have when good things
happen for credit unions in the public policy space is often times devoid of
recognition that success has been achieved as a result of our combined advocacy
efforts. Over the last few months, a number
of really positive things have happened as a result of years of advocacy work
on the part of CUNA, the Leagues and credit unions. We all should celebrate these victories!
For the first time, NCUA published and opened for comment
the methodology for the overhead transfer rate.
This is something that we’ve been pushing the agency to do for years,
and now we have a better understanding about how the agency determines what
funds will be transferred from the insurance fund to the operating funds, and
we have a voice to influence that decision in a way we never had before.
Examination fairness and frequency has been a top priority
for credit union advocates for years.
We’ve worked to raise awareness of our concerns in Congress by
encouraging support for legislation that would bring fairness to the
supervisory process. In response to our
work, NCUA has made major steps in the right direction to take a comprehensive
approach to modernizing the supervisory process. They’ve reached out to the credit union system
to ensure they have the information they need to modernize the call report,
improve examination efficiency, and reduce examination frequency. This is all good news for credit unions and a
direct result of everyone's years of work on this issue.
Likewise, our efforts to bring about transparency in the
NCUA budget process continues to yield results.
Last year, we secured the first oversight hearing on the NCUA in the
House Financial Services Committee in years.
In recent weeks, NCUA Chairman Metsger announced there will be a
board briefing on the NCUA budget at the October board meeting, and that CUNA
and other stakeholders will be invited to participate.
Regulatory burden remains a top concern for
credit unions and a top advocacy priority for CUNA and the Leagues. Earlier this year, we did something that,
frankly, is unheard of: CUNA, the Leagues
and credit unions united 329 Members of the House of Representatives on a
letter to the Consumer Financial Protection Bureau (CFPB) encouraging it to use
its statutory exemption authority to minimize the adverse impact of its
rulemakings on credit unions. To give
you a sense of how significant this was, consider that perhaps the only other
issues that invoke more partisan divisiveness than the CFPB are Obamacare and
guns. So, bringing together majorities
of both the Democratic Caucus and the Republican Conference on a CFPB matter is
quite an accomplishment. And, it has
already produced a positive result: when
the CFPB released its payday lending proposal earlier this month, the CFPB used
its authority for credit unions for the first time. We still have work to do to make that
proposal palatable, but getting the CFPB to recognize it has this authority is
an accomplishment that we should all be proud of.
The legislative and regulatory process are
top of mind when one thinks about advocacy, but CUNA and the Leagues also
advocate on behalf of credit unions in the courts. In the past few months, we prevailed in an
interchange surcharging lawsuit in Texas and we secured a ruling affirming our
standing in the class action lawsuit against Home Depot. These successes make us more inclined to look
at ways in which legal advocacy might help advance our public policy goals,
opening a new front in our battle to improve the operating environment for
credit unions to serve their members.
The progress we’ve made on these issues and
others, like the new member business lending regulation and the pending field
of membership regulation is a reminder not only that we can positively impact
public policy, but also that it is critically important that we stay engaged in
what can often be a long and frustrating policy development process. Advocacy is a marathon, not a sprint. Thanks to your help over the years, CUNA, the
Leagues and credit unions are leading way!
Champion for the Credit Union Movement
Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.
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