In 2011, CUNA focused on reducing credit unions’ regulatory burden, moderating the interchange rule, flexing its grassroots muscles, establishing the first credit union locater to include every credit union (aSmarterChoice.org), and helping consumers find credit unions to join prior to Bank Transfer Day.
CUNA’s top legislative/regulatory priorities for 2012 include:
• Protecting the tax status. Last year, CUNA kept credit unions off the Joint Select Committee on Deficit Reduction’s radar screen. But deficit reduction will remain a front-burner issue.
CUNA will continue to drive home the message that credit unions’ tax-exempt status is a result of their not-for-profit, cooperative structure, and their special mission to serve consumers.
• Winning greater flexibility by promoting legislation to allow supplemental capital and expand the member business loan cap.
• Electing friendly candidates. CUNA will continue to evaluate candidates solely on their level of credit union support, working to keep supporters in their seats and bringing new friends to Congress.
• Keeping watch on interchange. While consumers would be better off if there was no interchange regulation, CUNA will hold federal rule-makers to their pledge to watch over the regulation’s small-issuer exemption.
• Slashing the regulatory burden. Although most credit unions aren’t directly overseen by the new Consumer Financial Protection Bureau, CUNA has devoted significant time getting to know the agency so the movement has a voice in actions that do affect credit unions.
CUNA will continue to remind the agency that part of its mission is to streamline and reduce regulatory overlap and red tape.