Credit union accomplishments during a turbulent political environment in 2018 stand out over any of the last 20 years of credit union advocacy, CUNA Chief Advocacy Officer Ryan Donovan wrote Monday in Credit Union Times. Donovan says these accomplishments have positioned credit unions well going into the new year and new Congress.
Victories highlighted by Donovan include the enactment of S. 2155 and its credit union-friendly provisions; a successful slowdown of rulemakings from the Consumer Financial Protection Bureau (CFPB); increased transparency and modernizations at NCUA; successfully delaying the implementation of the current expected credit losses standard; removal of a harmful provision from the National Defense Authorization Act; securing funding for several important community funds; standing with credit unions facing frivolous lawsuits under the Americans with Disabilities Act; and protecting the credit union tax status at the federal and state level.
“This type of success would be remarkable for a five-year period, but we were able to achieve it in one year for a host of reasons. Over the last four years, CUNA and the leagues have fundamentally changed the way we do advocacy,” Donovan wrote. “We tore down internal silos and recommitted ourselves to a stronger cooperative relationship. The result has been our 360-degree advocacy strategy – an approach that we will be carrying into 2019.”
This approach is all about translating the 2018 momentum to more wins for credit unions, Donovan noted.
“This year will be all about translating the momentum from 2018 into more wins for credit unions. We have a lot on the agenda, including continued pressure on the CFPB and NCUA; modernizing the Bank Secrecy Act; expanding data security regulations to merchants; reducing restrictive privacy regulations; pursuing Federal Credit Union Act Modernization legislation; and as always preserving the credit union income tax status,” he wrote. “2019 is going to be an exciting and challenging year, but credit union advocates everywhere are ready and eager to be successful.”