Four issues top the credit union agenda in Washington:
1. Protecting credit union tax status,
2. Stopping implementation of the debit interchange fee regulation,
3. Allowing credit unions to access supplemental capital, and
4. Increasing the member business lending cap.
Bringing these issues to Capitol Hill is critical to achieving the best possible operating environment for credit unions. Toward that end, CUNA’s political and legislative affairs staff will offer a Legislative and Political Update today at 1:30 p.m.
Giving credit unions access to supplemental capital is an important issue, as policymakers aim to avoid future financial crises by strengthening financial institutions’ capital requirements.
CUNA has worked diligently to make it clear—through the press and direct communication with policy makers—that credit unions didn’t cause the economic crisis.
But credit unions were collateral damage, and rebuilding capital ratios is vital. Not having access to supplemental capital means some credit unions—already hampered by low earnings—and members will face a protracted period of reduced member service, less advantageous pricing, and slow growth.
Delivering coordinated messages to legislators during visits to Capitol Hill will highlight these issues and educate new members of Congress who might not be familiar with the credit union difference.
Today’s briefing will prepare you to discuss these key issues with members of Congress as you visit Capitol Hill this week.