updated 09/16/13 03:47 PM
Credit Union Advocates in Action
On Tuesday, Sept. 10 roughly 30 advocates from credit unions across California and Nevada “Hiked the Hill” to meet with their members of Congress, and with regulators including the National Credit Union Administration (NCUA) and the Consumer Financial Protection Bureau (CFPB) to raise concerns on several items.
Rep. Ami Bera (D-Sacramento) speaks with credit union advocates at the Credit Union House
During the event, members of the California and Nevada Credit Union Leagues pressed the message of “Don’t Tax My Credit Union,” on Capitol Hill, which was well-received by members of the California and Nevada congressional delegations. Messages about the need for regulatory relief measures, such as H.R. 688 with regards to member-business lending, were also on the agenda.
“This trip was successful as California and Nevada walked away from this by adding two more bipartisan co-sponsors to H.R. 688 (Reps. Barbara Lee and David Valadao), bringing California’s total to 37 of our 53, and more importantly identifying a new champion for our tax status on the Ways and Means Committee—Rep. Linda Sanchez (D-Cerritos). League members can read about this in our upcoming issue of Credit Union Digest,” said Jeremy Empol vice president of federal government affairs for the Leagues. “More importantly, this trip gave credit union advocates time to continue to build congressional relationships which are the key to promoting credit union issues in Congress."
Advocates also held a private fundraiser for Sacramento-area first-term Congressman Ami Bera who previously served on the board of directors at American River HealthPro.
California and Nevada credit union executives also met with leaders from the NCUA and CFPB in an effort to foster their relationship with both federal regulators, as well as present an objective picture on how rules and regulations are impacting nine million credit union members in both states.
NCUA discussions included the regulatory burden credit unions face in terms of cost, time, and resources due to the ever-changing regulatory landscape; support of a strong, yet fair, safety-and- soundness supervisory environment, as well as allowing credit unions to manage risk with appropriate autonomy; concerns surrounding a credit union service organization (CUSO) proposal that is overly restrictive; the status and concerns related to the agency's proposed derivatives rule; the need to modernize the Central Liquidity Facility; and anticipated changes to a risk-based capital structure.
CFPB staff focused on regulatory burdens; the bureau's international remittance transfer rule; the bureau’s concerns about overdrafts, payday loans and deposit advance products, and how credit unions serve their members in these areas; and a discussion about what credit unions can expect to see from the bureau regarding debt collection and prepaid cards.
Read more about this meeting here.
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