GAC: Grassley encourages credit union dialogue

March 9, 2015

WASHINGTON (3/10/15)--As chair of the Senate Judiciary Committee, Sen. Chuck Grassley (R-Iowa) will help shape legislation that will be key for credit unions in the coming months. In addressing CUNA's Governmental Affairs Conference Monday, Grassley said his door is always open to credit unions.

Click to view larger imageSen. Chuck Grassley (R-Iowa) tells a CUNA Governmental Affairs Conference audience Monday that his door is always open to credit unions. (CUNA Photo)

"Credit unions are a key part of a representative government," Grassley said. "Your organizations promote dialogue, and those of us who are elected have a responsibility to be a part of that dialogue."

Grassley said his committee is in the process of developing a national breach notification and data security standard.

"My goal is to ensure that consumers will be notified in a timely manner if a breach may result in financial harm and to ensure that companies affected by breaches, including credit unions, have adequate time to investigate and determine scope and cause of a breach," Grassley said.

"This means working with law enforcement and other experts to identify causes, mitigate the effects and determine which individuals have been impacted."

Grassley also sits on the Senate Finance Committee. As the former chair of that committee, he said he is familiar with the credit union tax status. Grassley said the only time the issue comes up is within credit union-bank arguments.

However, he admitted that with tax reform under way in Washington "everything is on the table."

"The tax status of every interest group is something to be looked at," he added.

Grassley said it is critical that credit unions join in the dialogue with the tax reform working groups, particularly the working group for not-for-profit agencies. In the coming weeks, the Senate Finance Committee will set up an e-mail address for interest groups to share their views.

Grassley also said he understands the importance of reducing the regulatory burden on small financial institutions. "Like small businesses, you want certainty and predictability so you can grow and thrive," he said. "As your senator, I will help in your fight to have that voice heard by government bureaucrats."