WASHINGTON (3/10/15)--CUNA Chief Advocacy Officer Ryan Donovan told attendees at CUNA's Governmental Affairs Conference that the 114th Congress seems ready to bring much needed regulatory relief.
|CUNA Chief Advocacy Officer Ryan Donovan tells GAC attendees about advocacy issues that should be brought to legislators during Capitol Hill visits this week. (CUNA Photo)|
"There are so many barriers that need to be removed, and we've got our work cut out for us," Donovan said during an advocacy update. "But we've got a Congress that, frankly, we believe is poised to act."
As part as advocacy efforts that surround CUNA's GAC, credit union leaders are making great use of their time in the nation's capital starting today, by visiting those officials Donovan says are ready to act.
Legislators will be hearing from their constituents about the credit union system's top advocacy priorities, which include protecting the credit union tax status, stopping merchant data breaches, removing regulatory burden and more.
Credit union advocates will tell their legislators that a tax on credit unions is a tax on not-for-profit cooperatives with a specialized mission of promoting thrift and providing financial services to the underserved.
This mission has been accomplished since the credit union tax status became law in 1934, particularly during the financial services, when credit unions stepped up their lending while others were unable (or unwilling) to do so.
|CUNA Chief Political Officer Richard Gose explains ways credit union leaders can keep up advocacy efforts at home and online. (CUNA Photo)|
Strong data breach legislation is a major priority for credit unions going forward. CUNA's StoptheDataBreaches.com has a host of resources available to credit unions, and CUNA, along with other financial services organizations, has also prepared a list of principles that should be incorporated into any data breach legislation.
Credit union leaders will also tell Congress the importance of enacting legislation that would remove barriers to member service. This includes statutory changes like raising or eliminating the member business lending cap (currently at 12.25% of assets) and requiring the National Credit Union Administration to hold an open budget hearing.
CUNA Chief Political Officer Richard Gose said that it's more important than ever for credit unions to constantly engage in advocacy efforts, and pointed to social media as a great way to do that.
"The Hill is listening. They're listening when you're here, they're listening when you meet with them back home, and they're listening on social media," Gose said. "More and more staff say they follow issues, and those talking about issues of interest through social media, and they base a lot of decisions they make on how that conversation is going."