Legislation that would ensure credit unions and their members are taken into consideration during development and implementation of policy has the full support of the Credit Union National Association (CUNA). Reps. Mike Quigley (D-Ill.) and Robert Pittenger (R-N.C.) introduced the Small Financial Institution Advisory Committees Act Thursday afternoon, which would create a Credit Union Advisory Committee and a Community Bank Advisory Committee within the U.S. Treasury Department.
“Ensuring that policymakers within the federal government understand the impact of public policy on credit unions and their members is one of CUNA's key objectives,” wrote CUNA president/CEO Jim Nussle. ‘’When those affected by rules, regulations and policies are afforded the opportunity to engage those responsible for developing them, the result is better policy.”
America’s credit unions serve more than 100 million members and collectively have more than $1 trillion in assets, Nussle noted, meaning when policy impacts credit unions, it also impacts a significant portion of the American population, since credit union members are also credit union owners.
“This legislation represents an important step toward ensuring the concerns of credit unions and their members are taken into consideration in the development and implementation of the administration’s economic and fiscal policy,” Nussle wrote.
In the release announcing the bill, Quigley directly quoted CUNA’s letter of support.