CU engagement drives Cornerstone league’s legislative success

August 19, 2015

FARMERS BRANCH, Texas (8/19/15)--The Cornerstone Credit Union League, representing credit unions in Arkansas, Oklahoma, and Texas, released its 2015 Legislative Summary this week, a report that details the league’s legislative efforts for this year’s legislative sessions.

Perhaps the most apparent theme from the report was the emphasis the league placed on grassroots advocacy and how member credit unions responded, leading to positive outcomes throughout the three states.

“I would like to thank the credit union professionals and volunteers who played a key role in this year’s legislative sessions,” said Jim Phelps, league senior vice president of advocacy, in a letter to league members. “Were it not for your ongoing support (through grassroots alerts and reviewing filed legislation) our success would not have been possible.”

Highlights from the league’s advocacy efforts this year include:

  • Conducting analysis of more than 10,700 bills;
  • Meeting personally with nearly each member of each state legislature and hundreds of legislative staff;
  • Defeating a bill that would have resulted in a loss of revenue for credit unions that offer credit or debit card services to members;
  • Amending a bill to exempt credit unions from required changes and additional disclosures to account opening procedures that now only apply to banks;
  • Passing legislation that places insurance requirements on private vehicles used in ride sharing networks such as Uber and Lyft to protect lienholders and consumers; and
  • Defeating an effort to move the Sunset review date for the Texas Credit Union Department from 2021 to 2017.

The year was a busy one for the league, as 2015 marked the first time since the league was formed that the legislatures in Arkansas, Oklahoma, and Texas were in session at the same time.