Movement priorities promoted at virtual hike
Published by: Jamila Collins
September 23, 2021 | Political Action
One strength of credit union advocacy is the flexibility and willingness of credit unions to go above and beyond to advocate on behalf of their members. This year’s Hike was a shining example of that flexible nature as we shifted from a long-awaited in-person trip to Washington D.C. to our virtual platform. More than 50 Ohio credit union leaders answered the call as we met with Senator Sherrod Brown, Vice Chairman of the NCUA Kyle Hauptman, and 14 other Congressional offices.
As part of the robust conversation, Ohio’s credit unions addressed a wide range of issues, including IRS reporting requirements, expanding financial services access for your members and communities, data security, and overall, the ability to serve your members best. Highlights from our two “keynote” conversations include:
- Vice Chairman Kyle Hauptman shared his priority focus: evening up the regulatory playing field between credit unions and fintech’s, easing the charter application process and requirements for de novo credit unions, and increasing exam transparency. Additionally, he provided his thoughts on CECL, cryptocurrency, and capital/premium assessments.
- U.S. Senator Sherrod Brown (D-Ohio) applauded Ohio credit unions for the continued support of Ohioans as we continue to navigate the financial ebbs and flows left in the wake of the pandemic. Credit unions shared with him the reputational and operational concerns that the IRS reporting proposal would present to their credit union and members, as well as the unintended consequences of the Veterans and Consumers Fair Credit Act, which would cap the all-in consumer loan rate cap of 36%, as it relates to small-dollar lending programs.
We look forward to continuing the fight for advocacy victories. On behalf of the League Advocacy team, thank you for your participation and continued support.
Contact Jamila Collins for questions or assistance.