|NCUA to Review Potential Field of Membership Changes (Issue 1 of 6)
A field of membership (FOM) proposed rule will be addressed at NCUA’s November 19th meeting; FOM reform has been an issue for credit unions, leagues and CUNA. Motivations for FOM reform are to eliminate some of the barriers and/or regulatory red tape in being able to provide services to those citizens seeking credit unions, and have NCUA refrain from imposing any FOM restrictions beyond what is required in the Federal Credit Union Act. What has been requested of NCUA is to:
|State Legislature Hearings on Cyber Security, Tax Reform and TAVT/Boat Titling
(Issue 2 of 6)
This week the state Legislature tackled four issues of interest to credit unions: cyber security, tax reform, TAVT and boat titling. A solid schedule of topics while the Legislature is in session, but these hearings are just several of the post-session activities that have taken place since the adjournment in April. The high level of hearings points to what should be a hectic session when legislators officially convene in January. This week’s hearings:
|Congressional Reg Relief? Credit Union Amendments Make Way into Highway Funding Bill
(Issue 3 of 6)
In Washington, D.C., the U.S. House recently passed the DRIVE Act H.R. 22, the highway funding bill that also includes credit union regulatory relief amendments. Offered by Rep. Jeb Hensarling (R-TX), the amendment passed by a voice vote early on November 5th and includes provisions that have been passed by the House on a number of occasions:
What happens now: The House-passed version of H.R. 22 is different from the one that passed the Senate in July, so the two will meet in conference committee soon to decide what the bill that moves forward should contain.
(Issue 4 of 6)
This year, credit unions have been growing the number of connections with legislators at local in-district events to build strong relationships for the industry. It’s these relationships that help create open doors for dialogue, and places an in-district face (and strong validity) on the myriad of positions credit unions have to weigh in on at a state and federal level. Thank you to all of the credit unions that have been involved in developing these “key contact” relationships throughout the year. Three of the most recent:
When your credit union engages in activities such as the above, it helps grow the legislative influence that all credit unions have, and that’s a message important for an entire credit union team to know. Share the importance, and the “why” behind getting involved and growing connections with your credit union. A special thanks to Combined Employees Credit Union, which did just that when they kicked off their all-staff training day on November 11th by having GCUA share the “importance of advocacy” message and how politics (regardless of how one feels or votes) impacts all credit unions!
|The Economist Magazine on Credit Unions
(Issue 5 of 6)
On October 31st, The Economist magazine shared that credit unions are winning converts, with an emphasis on social mission and the driving forces that are contributing to the growing number of members. The article illustrated that globally the number of people in credit unions has doubled since 2000, from 108 million to 217 million, and savings are up by 130 percent in real terms.
The article goes into a short history of credit unions, why they were formed and that “crucially, they were owned by their members, who shared a “common bond,” such as a profession or place of residence. Earnings were returned to members in the form of better interest rates.” And when the magazine refers to as credit unions as “back in fashion,” it’s a great reminder of what makes credit unions unique – and how that is resonating with more and more people!
|Credit Unions in the News (Issue 6 of 6)
Credit unions continue to earn media coverage statewide and beyond. Whether it’s in a local newspaper, niche magazine or radio show, the credit union message is shared through a multitude of outlets across Georgia. Click here to see recent coverage of Georgia’s credit unions "In the News."