Last week, nearly 40 Credit Union Activists from Wisconsin headed to Washington, D.C. for our annual Hike the Hill. Activists met with every office of the Wisconsin delegation and with the NCUA. CUNA also hosted legislative, political, and regulatory briefings.
During the Hike, legislators were asked to oppose the Credit Card Competition Act – noting how changes to interchange would decrease their ability to offer patronage, lower or eliminate fees, and generally invest in the financial wellbeing of their members and communities. The group asked legislators to look at the impact of the ‘Durbin Amendment’ for the true impact of changes to interchange: little to no price savings passed to consumers.
The group also asked legislators to support credit union priorities which included bills on a financial education program introduced by Rep. Gallagher (R-Green Bay), the Central Liquidity Fund, extending loan maturity limits, and supporting veteran-owned businesses.
Elizabeth Eurgubian (Director, Office of External Affairs & Communications and Policy Advisor, NCUA) discussed priorities for the Chairman and what credit unions can expect from the agency in the coming months. n particular, she noted large credit unions should anticipate the NCUA more aggressively reviewing consumer protection measures, as a credit union nears the $10 billion asset threshold. The NCUA sees this as preparing credit unions for the transition to CFPB examination.
Special thanks to our sponsors, TruStage, Corporate Central Credit Union, FHLBank Chicago, and La Macchia Group.
Check out some pictures