|U.S. Senate Banking Leaders Push NCUA (Issue 1 of 5)
The leadership of the Senate Banking Committee has asked federal credit union regulators to carefully consider the negative impact their risk-based capital proposal could have on credit unions' agricultural lending and on the ability to raise and maintain capital levels. Sens. Tim Johnson (D-SD), the chair, and ranking member Mike Crapo (R-ID) addressed the NCUA plan that would replace existing risk-based net worth requirements with new risk-weighted asset and capital requirements. The rule would apply to federally insured "natural person" credit unions with more than $50 million in assets.
|Reg-Relief Bills See Some Traction in House (Issue 2 of 5)
This week the House Financial Services Committee moved forward on a number of bills to create positive changes for credit unions. The bills relate to the structure and reach of the Consumer Financial Protection Bureau (CFPB):
|Cantor Congressional Upset, and How It May Impact Legislative Efforts
(Issue 3 of 6)
The national media reverberated in the evening hours of June 10th with the defeat of Virginia Congressman Eric Cantor, the second-ranking Republican in the U.S. House. The Washington Post reported that his upset by “an ill-funded, little-known tea party-backed candidate ranks as the biggest Congressional upset in modern memory and will immediately generate a series of political and policy-related shockwaves in Washington and the Richmond-area 7th district.” While there is no shortage of media story lines on how his loss impacts the rest of the races, and how the GOP and the tea party mix going forward, from a credit union perspective there are two key thoughts on how this shapes the immediate future in D.C. (regardless of political preferences):
With many in Congress focused on the above two points, that leaves little room for legislative give and take – the compromise that moves many legislative initiatives forward. For any bill that would be positive for the credit union industry (such as the above regulatory relief measures) this is a not a hurdle but rather a “high jump.” And from a lobbying perspective, it can be difficult to push or prevent bills, as knowing who your legislative “stop gates” are, and who’s in charge, is essential.
|Tools for Your Credit Union (Issue 4 of 5)
Credit unions around the state have engaged in the elections, and are working to shape the course of the July 22nd runoffs. Not involved yet? There is a wide variety of tools available for your credit union; please use of one or all of the resources to create a specific strategy to reach out to membership. And it is this action, encouraging members to simply vote in the July 22nd runoff, that is valuable to legislators and builds credit union influence. Why? The May 20th primaries had a dismal level of voter turnout, and the runoff is anticipated to be worse. And it is clear (see article above) that whoever can get the most people back to the polls can win a race – against even the most well-funded opponent. Credit unions have the opportunity to make a difference in the elections by encouraging members to vote using the tools available on ElectionWatch:
One of the easiest methods to engage your membership is to place ElectionWatch on your credit union website; by doing so your members have access to voter registration, poll locations, sample ballots, and various political resources.
Doing these things and ready to take it to the next level? Credit unions can get involved deeper by sharing which candidates in the runoff are credit union supporters. To obtain ready-made inserts for your newsletters, please click here.
|Scary Stats on Millennials and Money –
CUs to the Rescue! (Issue 5 of 5)
On June 11th The Atlanta Journal-Constitution reported on a Wells Fargo poll regarding millennials and their money-savings habits:
In a nutshell, the results show that those in Atlanta lag behind national levels of savings savvy, something that credit unions can (and do) help instill in their members. Credit unions make a difference in the financial well-being of others, and equip their young members with the tools they need to afford life. While getting people to engage in financial education can be difficult, the value of these efforts is immeasurable.