Protecting the credit union tax status, the need for regulatory relief and data security were the topics of discussions with policymakers across Capitol Hill this week, as credit union leagues from 5 states participated in Hike the Hill. Credit unions from Connecticut, Iowa, Maine, Pennsylvania and Vermont met with members of Congress, as well as federal agencies, during their time in Washington, D.C.
“Our main message was about the credit union tax status and how it’s core to our business model,” said Justin Hupfer, CEO of PolicyWorks. “We wanted to make sure legislators are aware that the benefits of our tax treatment end up with our members, who save $110 million per year in Iowa.”
Before their day of meetings, Connecticut’s credit unions enjoyed a welcome session at Credit Union House with CUNA President/CEO Jim Nussle.
Once on the Hill, credit unions asked for support of the tax status, support for the Residential Loan Parity Act, support for any proposals that would impose data security standards on merchants and discussed the effect on consumers of the Equifax breach with their congressional delegation. When meeting with the NCUA, credit union leaders had a discussion about the long-term outlook on the Share Insurance Fund.
These meetings included sharing personal stories on how regulatory burden impacts members.
“Leadership from Connecticut’s Credit Unions had a very productive Hike the Hill event in Washington, D.C.,” said Credit Union League of Connecticut President/CEO Jill Nowacki. “Meeting with regulators and our members of Congress on a regular basis is critical to defining what credit unions are and how issues affect us.”
Nearly 25 credit union leaders from Maine visited Washington, D.C., also meeting with every member of the state’s Congressional delegation.
Maine Credit Union League President Todd Mason said the hike a re-affirmation of the high regard credit unions hold the delegation, and said their credit unions were especially engaged this year.
“This is the second-largest Hike we have ever had, which tells me that our credit unions understand how crucial it is to participate in these types of events and activities,” he said. “It's really nice to see such a strong presence take the time to come to Washington, D.C."
In addition to meetings on Capitol Hill, leagues attended briefings with CUNA staff and met with NCUA and the Consumer Financial Protection Bureau.
See below for social media activity from this week’s Hike the Hill visits.