Once again, CUNA leaders provided the national media with insight, expertise and advice on credit union issues throughout 2016. These appearances help CUNA raise awareness of credit unions to America’s consumers.
The Wall Street Journal and the Huffington Post reached out to CUNA President/CEO Jim Nussle for a credit union perspective on the regulatory burden and small business lending.
In March, CUNA Chief Policy Officer Bill Hampel provided mortgage market insight to The New York Times.
CUNA’s Strategic Communications Department teamed up with The Wall Street Journal on an infographic illustrating the differences between credit unions and banks. The graphic ran in print in The Wall Street Journal on International Credit Union Day.
These, and other top 2016 media mentions include:
Nussle addresses CFPB in WSJ. In The Wall Street Journal, Nussle called on the Consumer Financial Bureau to stop all pending rulemaking in wake of the Nov. 8 election results. Nussle says the CFPB has "stifled" credit unions’ ability to serve their more than 100 million members.
Donovan discusses reg burden in The Hill. Credit unions did not cause the 2008 financial crisis. Yet, the CFPB continues to uphold them to the same standard of regulatory burden as big banks–the real culprits of the economic downfall. CUNA Chief Advocacy Officer Ryan Donovan predicts fewer credit unions will be able to offer alternative small dollar loans to consumers as the number of regulatory burdens, requirements, and rules continue to grow.
Nussle talks CFPB exemption in The Colorado Springs Gazette. Nussle sends a clear message to CFPB Director Richard Cordray--credit unions should be exempt from the bureau's regulations. "We believe we should be exempt from the CFPB and that we shouldn't have been part of (the agency) to begin with. We were not part of the problem in the financial crisis," explained Nussle.
Regs cost credit unions $7.2 billion, Nussle writes in WSJ. Nussle writes to The Wall Street Journal in response to observations by JPMorgan Chase's top exec about regulatory burden at large and small banks. Nussle asserted that "regulations brought about by actions of banks like (Jamie) Dimon's are absolutely affecting our ability to serve members and the communities in which we live and work, through no fault of our own." According to CUNA's regulatory burden study, regulations have cost the credit union industry a total of $7.2 billion.
CUNA stats featured in Argus Leader. Credit Union Association of the Dakotas President/CEO Jeff Olson describes the negative impact regulatory burden has on credit unions in the Dakotas. According to CUNA's regulatory burden study, costs have totaled $115 per year for more than 215,000 members in North Dakota and $81 per year for 258,000 South Dakota members.
CUNA study highlights regulatory costs in Albuquerque Journal. Credit Union Association of New Mexico President/CEO Paul Stull and U.S. Eagle FCU President/CEO Marsha Majors detail the costs associated with regulatory burden on the state's 46 credit unions. CUNA's regulatory burden study found compliance costs associated with the Dodd-Frank Act and Durbin Amendment have totaled $42.4 million and reduced revenue by $9.2 million for credit unions in New Mexico.
Reg burden pushes credit unions to the brink Nussle writes in The Hill op-ed. Regulatory burdens imposed by the Dodd-Frank Act are pushing America's credit unions to the brink of extinction, Nussle says in The Hill op-ed. The CFPB, created by the Dodd-Frank Act, was designed to rein in the big Wall Street banks for their role in the 2008 financial crisis. Instead, "it threw in innocent entities like credit unions and community banks that played no role in the financial crisis" stated Nussle.
Leave-behind project featured in Philly Voice. CUNA, the Pennsylvania Credit Union Association, RealClearPolitics, and the Democratic National Convention Committee unveiled a new health and wellness garden at Nicholas and Athena Karabots Pediatric Care Center. "This meaningful work, bringing a health and wellness garden to a community in need, will continue to serve its purpose and impact the lives of children and their families for years to come" said CUNA Chief of Staff/Chief Operating Officer Rich Meade.
Meade discusses RNC leave-behind project with Cleveland media. University Hospitals Rainbow Babies & Children's Hospital in Cleveland opens a new horticultural therapy suite as part of a convention 'leave behind' project. On July 20, CUNA, the Ohio Credit Union League, RealClearPolitics, and the Republican National Convention celebrated the opening with a ribbon-cutting event. "We're delighted to have been doing such meaningful, long lasting projects at the National Party Conventions since 2000," commented Meade.
Nussle joins trade leaders in penning The Hill op-ed. CUNA President/CEO Jim Nussle joins Consumer Bankers Association President/CEO Richard Hunt, Independent Community Bankers of America President/CEO Cam Fine, and National Association of Federal Credit Unions President/CEO Dan Berger in support of repealing the Durbin Amendment. The leaders argue that since 2011, the Durbin Amendment has failed to accomplish what it was originally set out to do–pass along revenue to consumers in the form of lower prices. Instead, retailers have profited an extra $36 billion in revenue.
Nussle recognizes small businesses on The Huffington Post. Every year, the president of the United States recognizes the pivotal role small businesses have in America by designating National Small Business Week. Nussle took the opportunity to recognize the good work America's credit unions do to support small businesses in their communities. He noted how credit unions were there for small businesses during the financial crisis, while banks withdrew services. He urged Congress to increase the credit union member business lending cap to 27.5% in order to promote more jobs and funds into the economy.
Hampel explains mortgage market to The New York Times. CUNA Chief Policy Officer Bill Hampel explains how credit unions nationwide offer more options in the mortgage markets for all types of borrowers. Credit unions have more flexibility to offer low-down-payment loans without insurance. "They can listen to the story of the borrower" which means "they can balance loan requirements off one another. If they are weak in one category but strong in another," explained Hampel.