The Nussle Report - July 21, 2017

2017 Nussle Report header

We remind the Senate about the value of CUs’ not-for-profit status:

In advance of a Senate Finance Committee tax reform hearing this week I sent a strong message that emphasized the importance of having not-for-profit credit unions as vibrant and viable alternatives in the financial services marketplace. A whopping $14.2 billion in financial benefit to members and non-members is estimated for 2016. We continue to drive home the fact that credit unions provide accessible and affordable financial services to people of all means and help members achieve their life aspirations. 

Senate Banking Committee hears CU housing finance priorities:

Two credit union executives represented credit union interests during a Senate Banking Committee hearing on housing finance reform and providing access for small lenders. Tim Mislansky, senior vice president and chief lending officer, Wright-Patt CU, and president, myCUmortgage LLC, Beavercreek, Ohio, testified on behalf of CUNA. CUNA member, Chuck Purvis, president/CEO, Coastal FCU, Raleigh, N.C., also testified and offered his perspective and experience on these important issues. Tim told the Senators that it’s critical credit unions continue to meet their members’ mortgage needs. He stressed the need for credit union access to a functioning, well-regulated secondary market and a system that will accommodate member-demand for long term fixed-rate mortgage products.

Here's a short video of hearing highlights.

Nebraska CU League hikes the Hill:

My thanks and congratulations to the Nebraska credit union advocates who were here this week meeting with their congressional delegation and NCUA Chairman McWatters. They delivered strong messages about our positions on the need for regulatory relief, data security, examination fairness, and field of membership.

CUNA/World Council win strong appropriations backing for international CU support:

Hard work by CUNA and the World Council of Credit Unions to push for international credit support won strong backing in report language for the state and foreign operations appropriations bill marked up this week in Congress. We requested that the report language encourage USAID to give high priority to cooperative development programs.

Leadership starts with you:

I spoke this week at CUNA Management School, the industry’s top training ground for credit union leaders. The room was bursting at the seams with credit union professionals enrolled in this three-year summer program. My message was simple: We need you. In an era of technological disruption, we need innovators. Amid the stalemate in Washington, we need informed, persuasive advocates. And at a time of uncertainty in the marketplace, we need authentic, influential leadership to propel our industry forward.

It’s time to codify CFPB advisory boards

I wrote this week to lend CUNA’s support to a bill introduced by Sens. Mike Rounds (R-S.D.) and Angus King (I-Maine) that would codify the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council. These Council meetings provide credit unions an opportunity to share information, analyses, recommendations and the unique perspective of not-for-profit financial institutions with the Bureau’s director and staff. Without this law there’s no guarantee that future CFPB directors will continue the Council.

Shoutout:

Congrats to Lois Kitsch and the nearly 100 Credit Union Development Educators (CUDE) who helped make this year’s summer workshop in Tampa, Fla., a big success. CUDE, celebrating its 35th anniversary, focused the workshop on diversity and inclusion. In addition to the sessions, attendees raised money to help the Pinellas Hope Shelter furnish 14 recently built apartments for homeless veterans in the area. They were also onsite at the apartments to assemble the furnishings. Check out this video of the project. Congratulations on a job well done!

Thank you for your continued participation in and engagement with the CUNA/League system. If you have any issues you'd like CUNA to address, I encourage you to give me a call directly at 202-508-6745 or email me at jnussle@cuna.coop.

All the best,

Jim Nussle
President and CEO