JULY 15, 2016
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CFPB 100% of Georgia Federal Legislators Urge CFBP to Give CUs Relief
(Issue 1 of 5)

Georgia's U.S. Senators joined the state's House delegation in urging the Consumer Financial Protection Bureau to lighten the regulatory burden on credit unions.

  Leading Up to the Break: Movement on Multiple Credit Union Issues in Congress (Issue 2 of 5)
Congressional activity of interest to credit unions, in the run-up to legislators' August recess, inclued the U.S. House of Representatives' passage of bills concerning elder financial abuse and the Consumer Financial Protection Bureau.

  Hike the Hill in September! (Issue 3 of 5)
Credit union advocates are encouraged to join the next Hike the Hill event in Washington, D.C., scheduled for Sept. 20-22. The event is a chance to meet with elected officials, build relationships, and grow the industry's influence.

  Atlanta Business Chronicle Spotlights Credit Unions
(Issue 4 of 5)

The June 24-30 issue of the Atlanta Business Chronicle featured credit unions, highlighting recent growth in membership and lending and showing how CUs help their members afford life.

  Credit Unions in the News (Issue 5 of 5)
The credit union message continues to spread, as evidenced by coverage of the industry in a wide range of media outlets, from newspapers to magazines to the broadcast media.

100% of Georgia Federal Legislators Urge CFBP to Give CUs Relief (Issue 1 of 5)

UmbrellaOn Friday, July 8th both U.S. senators from Georgia have signed onto a letter urging the Consumer Financial Protection Bureau (CFPB) to give credit unions operational relief. Sen. Johnny Isakson (R) and Sen. David Perdue (R) have added their names to the letter that Sen. Ben Sasse (R-NE) and Sen. Joe Donnelly (D-IN) are circulating in the U.S. Senate to encourage CFPB Director Cordray to utilize the exemption authority granted under Section 1022 of the Dodd Frank Act. Section 1022 provision permits the CFPB to exempt classes of financial institutions like credit unions and community banks from rulemaking. However, to date the CFPB has not exercised this authority in any meaningful way, and there is concern in Congress about the impact of burdensome regulations on credit unions and community banks in their states.

More than 60 senators have signed the letter in addition to the two from Georgia, and this letter is similar to the one that 329 members of the U.S. House of Representatives sent to Director Cordray in March of 2016 encouraging the Bureau to use its exemption authority to focus new rules on bad actors. Readers of Creating Influence will recall that 100 percent of the U.S. Representatives from Georgia signed onto that letter also. The point that 100 percent of all Georgia’s federal elected officials recognize the burden placed on smaller institutions is thanks in large part to the efforts of credit unions in this state to travel to Washington, D.C., to talk about the issues and the industry – and regulatory burden has been a consistent talking point. As such, the federal delegation from Georgia understands how regulations and the CFPB impact day-to-day operations, and are not among those members of Congress who look for reasons to not urge the CFPB use its power to exempt institutions from excessive burdens.

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House chamberLeading Up to the Break: Movement on Multiple Credit Union Issues in Congress (Issue 2 of 5)

This was the last week that Congress will be in session until September, and leading up to this long break there were several items of interest to credit unions to see action:

And while it’s not Congressional action, in related D.C. news the President announced on July 13th the nomination of John Herrera to the open seat on the NCUA board. Herrera is presently the senior vice president for Latino and Hispanic affairs at Self Help Credit Union in North Carolina, as well as the co-founder and board chair of Latino Community CU.
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U.S. Rep. David Scott (center) with September 2015 Hike the Hill participants
Hike the Hill in September!
(Issue 3 of 5)

As highlighted in the lead article, educating legislators on credit union issues in Washington, D.C., is vital to pursuing issues for the industry. Here’s your next chance to join in this effort: September 20th through 22nd Georgia credit unions will be in Washington, D.C., to “Hike the Hill” to educate Congress on the legislative and regulatory issues of importance. This is the opportunity to connect with Georgia members of Congress to address legislative issues and priorities for the entire industry. Accommodations have been reserved at the Embassy Suites-DC Convention Center with a rate of $279 plus tax per night for single and double occupancy rooms. There is no charge for attending the Hike.

Tentative plans have the group flying to D.C. on the 20th with briefings in the afternoon, and the 21st for a full day of legislative meetings with our elected officials. Depending upon legislator schedules, Hill visits may be completed on the morning of the 22nd with an early afternoon departure. For additional information about this event, please contact Becky Moore or Cindy Connelly by August 18th at 770-476-9625. Whether you have been on every Hike the Hill or none, take the time to travel to D.C. for this event – the time spent engaging Congress today helps shape the laws that are passed in the future.

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SpotlightAtlanta Business Chronicle Spotlights Credit Unions
(Issue 4 of 5)

The June 24th-30th edition of the Atlanta Business Chronicle highlighted credit unions in the state, referencing the collective growth in membership and in auto, home and business lending. It also presented very clearly why credit unions exist by helping people afford life, as well as illustrating how credit unions are different – and dispelling misconceptions that they are either charitable organizations, or just another name for a bank. While media coverage in every geographic market is vital in growing the public awareness of the industry, the Atlanta Business Chronicle is one that is widely read by elected officials as a way to get a sense of what’s “happening back home” for those in D.C., and for state legislators a way to stay in touch with shifts in business trends. Growing elected officials’ understanding of the positive impact of the industry factors into shaping any legislative initiative, so kudos to all the credit unions involved. Thank you in getting the message out to the elected (and non-elected) public!

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NewsCredit Unions in the News (Issue 5 of 5)

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."

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