|At Credit Union House near Capitol Hill (L-R): Teresa Freeborn, Chairman of the California Credit Union League and CEO of Xceed Financial FCU; Diana Dykstra, President and CEO of the California and Nevada Credit Union Leagues; Rep. Brad Sherman, D-CA; Rep. Eric Swalwell, D-CA; Rep. Doug LaMalfa, R-CA; and Bill Cheney, President and CEO of the Credit Union National Association (CUNA)|
CUs ENGAGE LAWMAKERS ON CAPITOL HILL
updated 03/07/14 12:29 PM
New Legislators Show Support
As Congress considers tax reform, data security, regulatory relief, and other vital credit union issues, this year’s 2014 Governmental Affairs Conference (GAC) in Washington D.C. was a pivotal event for credit union executives and board members who advocated face to face with legislators on behalf of their members and the movement.
GAC—which is the largest gathering of credit union professionals, with nearly 4,500 attending this year—is held annually by the Credit Union National Association (CUNA). This year, almost 200 came from California and Nevada.
Wednesday’s “Hike the Hill” visits proved invaluable as leaders discussed how their credit unions are actively working in lawmakers’ communities to better families and individuals through the credit union philosophy.
Several members of Congress were available to sit down and discuss the industry’s most important issues—first and foremost, why credit unions should remain exempt from federal corporate income tax, as well as other hot topics. Legislators and their staff aides noted the accomplishments of credit unions with respect to financial literacy and modifying members’ loans during the financial crisis and recession.
Many lawmakers who are brand new to Capitol Hill showed their support for credit unions, saying they understood the unique role the movement plays within the financial services industry.
Besides issues at the forefront of 2014, key topics brought to the attention of legislators included extending the credit union lending cap (H.R. 688, the Credit Union Small Business Jobs Creation Act), supplemental capital (H.R. 719, the Capital Access for Small Businesses and Jobs Act), and requesting the Government Accountability Office to study Regulation D (H.R. 3240, the Regulation D Study Act).
The following California legislators spoke on stage during the GAC’s general session on Tuesday and Wednesday, reiterating their support for credit unions: Reps. Ed Royce, R-CA; Linda Sanchez, D-CA; Brad Sherman, D-CA; House Oversight Committee Chairman Darrell Issa, R-CA; and House Majority Whip Kevin McCarthy, R-CA.
Issa called on congressional leaders to strengthen cybersecurity rules without mandating additional regulatory burdens on credit unions. Royce announced he will be introducing new member business lending (MBL) legislation—the Credit Union Residential Loan Parity Act—that would exempt loans for non-owner occupied one-to-four-unit dwellings from the current MBL cap on credit unions. Additionally, McCarthy delivered a dynamic speech about the role credit unions play in America's prosperity.
It was also announced on Wednesday that the credit union tax status was left untouched in a tax reform plan released by the House Ways and Means Committee.
Additionally, credit union CEOs, executives, board members, and other guests attending the Credit Union House reception Wednesday night enjoyed visits and speeches from Royce, Sherman, and Reps. Raul Ruiz, D-CA; Eric Swalwell, D-CA; Doug LaMalfa, R-CA; candidate Pete Aguilar; and CUNA President and CEO Bill Cheney, who thanked California and Nevada credit unions for making the trip.
“Many attendees were encouraged by the positive feedback they received from lawmakers at every visit,” said Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues. “The individual stories from credit unions really stood out and especially grabbed the attention of some legislators who are brand new to Congress. Thank you to those who participated—and to those of you at home who sent your staff and volunteers.”
HARRY REID TO RETIRE IN 2016 updated
03/27/15 01:11 PM
Served Senate Since 2005
Senate Minority Leader Harry Reid (D-NV) will not seek re-election in 2016, he said in an interview with the New York Times. He has led the Senate democrats since 2005 and has had a three-decade congressional career.
FIRST CU REG. RELIEF BILL PASSED updated
03/26/15 09:21 AM
H.R. 299 Approved by Committee
The House Committee on Financial Services passed H.R. 299—the Capital Access for Small Community Financial Institutions Act—granting privately-insured credit unions access to the Federal Home Loan Bank. The bill now moves to House floor for consideration hopefully before June.
FIs TRUSTED OVER RETAILERS updated
03/25/15 03:00 PM
Better Data Protection
According to a recent Gallup poll, 91 percent of consumers trust credit unions and banks to better safeguard their personal information and keep data secure, compared to less than 70 percent of consumers who trust merchants. More than 11,000 U.S. adults age 18 and older were surveyed for the poll.
OVERDRAFT PROPOSAL OPPOSED updated
03/24/15 08:56 AM
Treatment of Prepaid Cards
The California and Nevada Credit Union Leagues have submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) that strongly opposes the bureau’s proposed treatment of overdrafts on prepaid cards as credit and subject to Regulation Z requirements.
GRR IS LESS THAN THREE WEEKS AWAY updated
03/23/15 10:54 AM
Crucial Event for CA State Advocacy
The 2015 Government Relations Rally (GRR) is the most important state legislative event for credit unions in California— and it’s less than three weeks away. Will you be there to advocate for your credit union?
CEOs TALK RISK, OPPORTUNITY, FUTURE updated
03/19/15 05:04 PM
Cheney, Gunderson, and Hernandez
Threats to cybersecurity, defending against card fraud, and remaining relevant to consumers are top concerns for three credit union CEOs who recently participated on a special panel during a California Credit Union League Orange County Chapter meeting.
CA CEO TESTIFIES BEFORE CONGRESS updated
03/18/15 10:18 AM
Also, Rep. Royce Reintroduces Bill
Patrick Miller, CEO of CBC FCU testified before today’s House Committee on Financial Services hearing titled “Preserving Consumer Choice and Financial Independence.” Miller was the witness on behalf of the California and Nevada Credit Union Leagues and the Credit Union National Association (CUNA). The bulk of his testimony centered on duplicative compliance burdens, as well as the modifications needed to strengthen the credit union charter.
NCUA WARNS ABOUT PHISHING SCAM updated
03/18/15 03:00 PM
‘National Credit Union’ Con
The National Credit Union Administration (NCUA) has issued a warning to consumers that the agency has received reports of an online phishing scam which uses a website with a logo and a design similar to the agency’s own site in an attempt to convince customers/members to provide information or send money. Click here to read the warning.
SMALL, LARGE CUs MEET AT 'GAC' updated
03/16/15 11:31 AM
Also, Pete Aguilar Fundraiser
Nearly 50 CEOs and professionals from small credit unions and their large-sponsor counterparts attended the Partners in Advocacy reception last week at the California and Nevada Credit Union Leagues’ suite during the 2015 Credit Union National Association Governmental Affairs Conference (GAC).
MCWATTERS MEETS WITH CA, NV LEADERS updated
03/16/15 10:27 AM
CFPB Officials Address Rules
The room was packed last week when National Credit Union Administration (NCUA) Board Member Mark McWatters made time to address attendees from California and Nevada during the 2015 Credit Union National Association Governmental Affairs Conference (GAC) in Washington, D.C.
CU HILL VISITS: 'TREMENDOUS SUCCESS' updated
03/16/15 01:25 PM
Keeps Advocacy Top of Mind
More than 225 colleagues from California and Nevada credit unions joined thousands of their peers at the 2015 Credit Union National Association Governmental Affairs Conference (GAC) last week, making visits to lawmakers’ offices and meeting with regulatory officials.
ADVOCATES GATHER IN WASHINGTON, D.C. updated
03/10/15 10:51 AM
2015 Governmental Affairs Conference
California and Nevada credit union leaders attending the Credit Union National Association’s 2015 Governmental Affairs Conference (GAC) in Washington D.C. focused on pressing legislative and regulatory issues as they were briefed in the California and Nevada Credit Union Leagues’ suite on Monday afternoon and met intermittently on Tuesday.
COMMITMENT TO SUPP. CAPITAL AND RBC updated
03/10/15 09:57 AM
Plus, Modernizing FOM Limits
Credit union leaders from California and Nevada were surprised and pleased with National Credit Union Administration (NCUA) Chairman Debbie Matz’s comments from this week regarding the use of supplemental capital for risk-based capital purposes.
PURCELL SCHOLARSHIP AWARDED AT 'GAC' updated
03/10/15 07:50 AM
Honor ‘Means a Great Deal to Me’
This year’s Kelly J. Purcell Credit Union Memorial Fund Scholarship was awarded to Rebecca Herrigel, a student at the George Washington University Graduate School of Political Management who will graduate this year with a master’s degree in political management.
REG. RELIEF HEARING ANNOUNCED updated
03/09/15 10:06 AM
Signals Many Discussions Ahead
With the opening of the Credit Union National Association (CUNA) 2015 Governmental Affairs Conference (GAC) on March 8, the California and Nevada Credit Union Leagues had its first of many announcements.
CEOs JOIN CU HOUSE HALL OF LEADERS updated
03/09/15 09:30 AM
Eric Bruen and Joe Schroeder
Desert Valleys FCU CEO Eric Bruen and Ventura County CU President Joe Schroeder were inducted into the Credit Union House Hall of Leaders during the Credit Union House meeting, prior to the Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC), which began on March 8. Both received this honor for their significant impact on the credit union movement, and are the third and fourth inductees from California since the program’s inception in 2008.
NCUA, CFPB TO MEET CA AND NV LEADERS updated
03/03/15 09:12 AM
RBC, Overdraft, and Other Topics
On board for California and Nevada attendees of the Credit Union National Association’s 2015 Governmental Affairs Conference (GAC) is a special visit from officials with the National Credit Union Administration (NCUA) and Consumer Financial Protection Bureau (CFPB) at the California and Nevada Credit Union Leagues' hospitality suite.
THREE TOPICS SHAPING ‘GAC’ THIS YEAR updated
03/02/15 05:08 PM
Data Security Will Top GRR
Next week the Credit Union National Association’s 2015 Governmental Affairs Conference (GAC) will kick off in Washington D.C.—a conference that, unlike others, is focused on bringing the credit union message to Congress and the administration.
EVANGELICAL CHRISTIAN CU CEO RETIRIN updated
03/02/15 04:20 PM
Holbrook Served For 36 Years
Evangelical Christian CU's Mark Holbrook will retire in May after 36 years as CEO. He is widely acknowledged for growing the 50-year-old institution to an alliance of more than 11,000 members and ministries in 130 countries.
ROYCE REINTRODUCES MBL CAP BILL updated
03/02/15 03:31 PM
Raises Limit to 27.5 Percent of Assets
Today, Congressman Ed Royce (R-CA) reintroduced legislation raising the member business lending (MBL) from 12.25 percent to 27.5 percent of assets.
CUs LEND UNIQUE VOICE TO NEWS MEDIA updated
03/02/15 02:55 PM
Stories Garner Spotlight in CA, NV
Only two months into 2015, local news media across California and Nevada are highlighting credit unions’ positive impact on their communities as the economy continues strengthening and the industry seeks how it can uniquely serve members.
VETERANS MBL BILL INTRODUCED updated
02/27/15 01:27 PM
Service Member Loans Exempt From Cap
This morning, Reps. Julia Brownley (D-CA) and Jeff Miller (R-FL) introduced H.R. 1133, legislation that will help the nation’s veterans establish themselves as small business entrepreneurs. With many service members already credit union members, this new bill would exempt small business loans issued to veterans from the member business lending (MBL) cap.
CUs TESTIFY ON FIN. LITERACY updated
02/25/15 10:50 AM
Nat'l. CU Foundation Speaks at FLEC
Gigi Hyland, executive director of the National Credit Union Foundation toured the movement's dedication to youth financial literacy today in a presentation to the U.S. Treasury's Financial Literacy Education Commission (FLEC).
WINE AUCTION RAISES RECORD AMOUNT updated
02/24/15 10:27 AM
More Than $1 Million for Children’s Hospitals
More than $1 million was raised for 11 Children’s Miracle Network Hospitals in California and Nevada during the annual Credit Unions for Kids Wine Auction last Friday night—a record amount in the event’s 10-year history.