CUNA testifies to Senate on cannabis banking

This week, I’ve been on the West Coast meeting with lots of credit union folks. A big thank you to the Northwest Credit Union Association, Verify CU, BECU, Patelco CU and Financial Partners FCU for hosting me. 

While I was out west there was a lot happening in Washington. On Tuesday, CUNA was asked to testify before the Senate Banking Committee on cannabis banking. We’re so grateful that once again Rachel Pross, chief risk officer at MAPS CU, Salem, Ore., stepped in to represent our industry. Rachel gave a powerful testimony and provided thoughtful responses to questions from numerous Senators.

Cannabis banking stands on increasingly uncertain ground. We’re pushing Congress to provide a safe harbor to credit unions that bank lawful businesses in states where cannabis is legal. It’s not just about protecting credit unions, it’s about making our communities safer and getting cash off the street. 

I encourage you to read Rachel’s opinion piece, published in The Hill, on why Congress should support The SAFE Act, and check out some of the coverage of the hearing: MarketWatch, Fortune, Yahoo, The Hill and Roll Call. Stay tuned to this space for any updates on the issue.

360-degree advocacy

Capitol Hill made movement on robocalls this week, and we sent letters to the FCC and NCUA.

• Robocalls: The House passed the Stopping Bad Robocalls Act (H.R. 3375), which aims to reduce unwanted robocalls. We had concerns with the original bill, but we’re pleased with amendments that should help credit unions reach their members and we’ll continue to engage lawmakers on it. We also submitted comments to the FCC arguing its proposed “Critical Calls List” should include numbers that are important services to consumers – including credit unions.
• RBC Rule: We support NCUA’s delay of the risked-based capital rule, but we also argue the rule itself is unnecessary. 
• Public Unit and Nonmember Shares: We support NCUA’s proposal to increase nonmember deposit limits, but we asked NCUA to grandfather credit unions that currently use the $3 million alternative cap.

Open Your Eyes to a Credit Union® launches in Kansas, Missouri

Open Your Eyes to a Credit Union® went live in Kansas and Missouri this week! Shout out to Heartland Credit Union Association for their fantastic support. This follows launches earlier this month in North Dakota, South Dakota and Indiana. We’ve already reached millions of consumers – and I noted a few weeks ago that we passed 100 million impressions! 

None of this is possible without our contributors. And I want to give a special shout out to Teresa Freeborn, president and CEO of Xceed Financial Credit Union and board member of CUNA, and Patti Hazlett, Director of Corporate Communications for the Mountain West Credit Union Association, for sharing the message of this campaign with CU Insight in a recent podcast and posting. 

Plus, check out this hilarious correction from Blair Wolston, Financial Advisor (and former Crasher) at VSECU.  

2019 has been a huge year for the campaign, and we already have our sights set on 2020, especially as we all work through budget season. Buckle up everyone, we have many more exciting milestones ahead of us!

Congrats to Connecticut Credit Union League on new CEO

I’m excited to welcome Bruce Adams, newly named president and CEO of the Connecticut Credit Union League. Bruce joins an active and dynamic league in Connecticut, and we look forward to having him be a part of our CUNA/League system.

Thank you for your continued participation in and engagement with the CUNA/League system. As ever, if you have any issues you'd like CUNA to address, I encourage you to give me a call directly at 202-508-6745 or email me at jnussle@cuna.coop. 

All the best,

Jim Nussle

President/CEO

Credit Union National Association