Creating the solutions to help credit unions thrive

We’re listening and creating resources to fit your needs

All spring long, I’ve met with over 3,000 credit union leaders to hear what folks are facing in communities across the country. It’s no secret that this virus and the ensuing economic effects are having a once-in-a-generation effect on consumers, and as the financial first responders, you and your teams are doing tremendous and impressive backflips to meet your members’ needs. But one thing that’s rang loud and clear in all these interactions is just how differently each credit union is being asked to respond.

Whether it’s addressing unique regulatory compliance hurdles, ensuring frontline staff and member safety, or growing in our service to Black and other minority members, the CUNA team has been hard at work to turn everything we’ve been hearing into resources that credit unions can use to remain resilient in our truly unique moment.

Take a look at how you’re informing our work

Free weekly Small Credit Union Webinar series kicks off 

Among the many concerns we’ve heard from credit union champions is how this crisis is putting additional pressure on small credit unions. This week, CUNA and the Leagues launched our Small Credit Union Webinar series to provide an in-depth look at some of the most pressing topics facing small credit unions today.

Each week through spring 2021, CUNA, Leagues and other experts will break down an important topic, what it means for small credit unions, and how they can take action. And don’t worry if you missed this week’s webinar or can’t view them live. We’ll be recording each session and uploading it to our website for you to watch at your convenience. Thanks to CUNA Mutual Group and LSC for sponsoring this free webinar series! 

Let your voices be heard - Credit Unions Vote

With just 88 days until the election, I want to remind everyone how important it is to let your voice be heard. As voters balance making their voice heard with the need to protect their health amid the COVID-19 pandemic, we’ve updated Credit Unions Vote with up-to-date information on local policies like vote by mail, shifts in polling locations, and other pertinent information to do one’s civic duty.

Your vote can support pro-credit union champions, which means we are able to help elect credit union champions like U.S. Representatives Stephanie Murphy (FL-07) and Tom Reed (NY-23), who work in a bipartisan fashion on important credit union issues. We recently spoke with them via Zoom about how credit unions are stepping up to assist their constituents in this time of crisis.

Continuing the push on PPP

As negotiations on COVID-19 relief legislation continue, we’re not letting up on our push to include Paycheck Protection Program forgiveness legislation. Our latest engagement involves reaching out to Congress and calling on credit unions to activate their member businesses. America’s credit unions have helped thousands of small businesses through the PPP, and we need those member businesses to tell their stories about how important it is that Congress prioritize PPP loan forgiveness.

CUNA-supported bills introduced this week:

• Senate bill to establish a $2 billion crisis fund: Thanks to Sen. Brian Schatz (D-Hawaii) and the Senators that co-sponsored his bill introduced this week to establish a $2 billion Community Development Financial Institutions Crisis Fund, which will ensure CDFI credit unions can get needed resources to communities hardest hit by COVID-19.
• Bipartisan House bill would provide governance modernization: Reps. Ed Perlmutter (D-Colo.) and Tom Emmer (R-Minn.) introduced a bipartisan bill this week that would make an important modernization to the Federal Credit Union Act, allowing a credit union board to expel a member for just cause. The bill has a bipartisan companion in the Senate, introduced earlier this year.

360-degree advocacy in action

• OCC should only implement special bank charter in public process: We wrote to the Office of the Comptroller of the Currency Monday to express concerns over Acting Comptroller Brian Brooks’ public statement that the OCC is considering implementing a special bank charter limited to payments services.
• CFPB should limit its debt collection rulemakings: CUNA wrote to the CFPB this week responding to a time-barred debt proposed rule. We reiterated our longstanding position that the Bureau should not expand its debt collection rulemakings to first-party debt collectors. 
• CFPB’s LIBOR proposal will aid in transition to new index: We also wrote to support the CFPB’s LIBOR transition proposal. LIBOR is currently planned to be discontinued after 2021, and we think the CFPB’s proposal provides clarity regarding compliance expectations which will benefit financial institutions and consumers.
• We also wrote to CFPB Director Kraninger to highlight the growing threat resulting from frivolous litigation related to credit union overdraft practices. We raised our concerns about the Model Form A-9 in Regulation E and recommended the CFPB consider a limited rulemaking to update the form and bolster the associated safe harbor.

Senate Banking Committee advances Hauptman

The Senate Banking Committee Wednesday voted to advance the nomination of Kyle Hauptman to serve on the NCUA board. Kyle would replace board member J. Mark McWatters on the NCUA board. We hope to see a confirmation vote before the full Senate soon. 

Welcome Chief Strategic Communications Officer Deshundra Jefferson! 

I’m excited to announce Deshundra Jefferson will be joining CUNA as Chief Strategic Communications Officer starting Monday. She comes to CUNA with an impressive background in strategic communications, public affairs and journalism, most recently as press secretary for the presidential campaign of former Massachusetts Governor Deval Patrick. She’ll be responsible for developing and implementing communications strategies around CUNA’s numerous objectives, and I hope you’ll join me in welcoming her to the credit union movement.