Senate Majority Leader Chuck Schumer (D-N.Y.) welcomed attendees to the 2021 CUNA Governmental Affairs Conference (GAC) Tuesday and was followed by Congressional leaders throughout the day. Schumer pledged to work with credit unions throughout the recovery to ensure the doors of opportunity remain open for all.
“My message today is simple: thank you, thank you. Thank you for your work over the last 12 months,” he said. “Credit unions are the glue of so many local economies, the essential institutions that get money into the hands of truly small, rural, and underserved businesses who could not have made it this far without you.”
Schumer added that, in addition to the latest round of coronavirus (COVID-19) pandemic relief legislation, he intends to work on several pressing issues for credit unions, including strengthening data privacy laws. He also confirmed his commitment to maintaining the credit union tax status.
Other legislators who addressed GAC Tuesday include:
Sen. Jack Reed (D-R.I.), himself a credit union member, acknowledged the Cooperative Credit Union League, and expressed appreciation for the “vital role” credit unions play in the economy, particularly for small businesses in Rhode Island.
Sen. Tim Scott (R-S.C.) thanked credit unions for helping to deliver resources for members, including more than 75,000 Paycheck Protection Program (PPP) loans worth more than $6.4 billion in South Carolina alone. He also said credit unions have played a critical role in re-establishing America’s economic strength.
House Majority Leader Steny Hoyer (D-Md.), who gave a shout-out to the Maryland/D.C. Credit Union Association and said he continues to believe in credit unions as an “indispensable part in making the American dream possible for so many,” due in part to the personalized solutions they have been able to offer members during the pandemic.
Rep. Joyce Beatty (D-Ohio), chairwoman of the House Financial Services Subcommittee on Diversity and Inclusion, highlighted credit unions’ role in meeting Americans’ needs and promoting financial inclusion since the Great Depression. She said she hopes credit unions will continue to be a bridge to reaching underbanked communities, which she says is integral to the future success of the U.S. economy.
Rep. Suzanne Bonamici (D-Ore.) said last year she worked to ensure credit unions connected with members seeking PPP loans. She was proud to join efforts in lifting the member business lending cap during the national emergency to ensure small businesses can access the capital they need. She said getting resources to those communities will be essential to getting the economy back on track.
Rep. Drew Ferguson (R-Ga.), a member of the House Ways and Means Committee, said the valuable services credit unions provide for businesses and families are often the only ones available for many rural communities. He also thanked credit unions for stepping up as PPP lenders and said he would continue to work on ensuring PPP forgiveness.
Video addresses from members of Congress are available to GAC registrants under the “On Demand” section of the “Agenda” tab.
Credit Union Magazine’s Fall 2022 issue highlights credit unions’ role in cryptocurrency, the state of digital assets, cannabis banking compliance, the human side of technology implementation, and involving the board in financial discussions.
