Credit unions saw an industry-changing victory 20 years ago with the passage of H.R. 1151, CUNA President/CEO Jim Nussle wrote in an op-ed Monday, a win that demonstrated the credit union system is at its best when it works together. Nussle was serving as a member of Congress from Iowa in 1998 and voted for H.R. 1151.
“I was proud to support the measure as a member of Congress because I understood it was necessary for credit unions to be able to continue to serve their members and their communities,” Nussle wrote. “Today, I am even prouder of the work credit unions have done since to take advantage of H.R. 1151 – growing the credit union movement to more than $1 trillion in assets, expanding service to more than 110 million Americans and delivering billions of dollars of financial benefit every year.”:
Nussle said that credit unions won 20 years ago because the entire system and its stakeholders sprang into action and used its grassroots muscle to get the job done.
“Time has passed, but this principle – stronger together – is as important today as it was in 1998,” Nussle wrote, highlighting how the financial crisis and Dodd-Frank have created a new set of challenges for credit unions.
“Working together, CUNA, state leagues and credit unions, we helped bring about the enactment of S. 2155, the first meaningful piece of regulatory relief legislation since 2006 … H.R. 1151 and S. 2155 prove that when we go to bat for credit union members in the political, legislative, regulatory and legal arenas, when we execute a 360-degree advocacy strategy, and when we work together, we can affect positive change for credit unions and their members,” Nussle wrote. “There is more work to be done, but we know what we need to do to move the industry forward.”