Stverak highlights CU difference ahead of Capitol Hill bank visits

The credit union mission is putting the needs of more than 135 million members first, CUNA Deputy Chief Advocacy Officer for Federal Government Affairs wrote to Congressional offices Friday. The message was sent in advance of bank visits to Capitol Hill expected next week. 

"Our aim is to work together with banks in addressing shared challenges – those listed above and others affecting consumers across the country in these challenging economic times," Stverak wrote. "We urge you and your office to focus on issues and legislation to help – not hinder – consumers.  This includes efforts enabling credit unions’ ability to change lives, with real results for real people."

He highlighted CUNA's letter to the House Financial Services Committee rebutting bank attacks, but noted that credit unions and community banks agree on:

• Opposition to any changes in the current interchange system. 
• Support for comprehensive national data security and privacy standards that include robust security requirements, akin to those required of financial institutions under the Gramm-Leach-Bliley Act (GLBA)
• Establishing a bipartisan leadership structure at the Consumer Financial Protection Bureau and bringing it under the appropriations process.
• Support for clarity and a safe harbor for financial institutions to serve cannabis-related businesses in states where cannabis is legal, as found in the recently re-introduced SAFE Banking Act.  
• Protecting access to overdraft protection programs as a helpful safety net that consumers both choose to use and can count on as a safeguard and convenience.