Fiercely protecting the credit union tax status

Fiercely protecting our tax status:

CUNA closely monitored a Senate Finance Committee hearing on tax reform this week and was pleased that no mention was made of the credit union tax status. But that doesn't mean we can be complacent. Several newspaper columns attacking our status have been published recently, and with tax reform soon taking center stage in Congress, our grassroots advocates must be fully prepared to jump into action. We're confident that Congress continues to understand the value credit unions provide their communities. Our work-through CULAC-that successfully helped elect 97% of the 364 candidates we supported during the 2016 elections puts us in a position of strength. But that won't stop the banks from attacking us. We must actively defend the credit union tax status.  

Advocacy win echoing through trade media:

The advocacy victory CUNA, Leagues and credit unions achieved last week keeping the NCUA out of the appropriations process continues to make waves across the industry. My column describing how the victory came about was picked up by Credit Union Times, and CU Broadcastinterviewed CUNA Chief Advocacy Officer Ryan Donovan about the coordinated effort. As National Journal noted when calling us the more effective advocacy organization in financial services, when CUNA, the Leagues, and our member credit unions come together to fight for our priorities, we are a formidable force in Washington. 

CUNA working to block arbitration rule:

CUNA remains active in fighting to repeal the CFPB's arbitration rule, as we continued to urge senators this week to vote in favor of a repeal under the Congressional Review Act. As I outlined in a piece running in Morning Consultthis morning, disputes between credit unions and their members are rare, reflected by our industry's unparalleled high marks in service year after year. Once again, however, the CFPB has lumped credit unions in with the bad-acting big banks in its rulemaking. This will ultimately only harm small financial institutions; hardly the intended target, I would hope, of this rule. 

Our webinar on fraud risk in wake of Equifax breach:

In case you missed it, CUNA joined CUNA Mutual Group and the Financial Services Information Sharing Center (FS-ISAC) for a webinar this week on how to mitigate fraud in the wake of the massive Equifax breach. View a recorded version of that webinar here. Also, stay tuned for a member call that CUNA will host on credit unions' legal rights as they pertain to the Equifax breach. More details to come.  

A refresh of our CUNA Peer Profile Report:

I'm pleased to report that we've updated our free, 10-page financial performance analysis tool, the CUNA Peer Profile Report, with June 2017 NCUA data. This customized resource includes detailed financial and operating results, graphics, and trends-making it the perfect resource for board presentations. The report, a no-cost-benefit of CUNA membership, allows credit unions to analyze their financials and compare them with peer credit unions by asset size, state, and more. 

Get pumped for GAC 2018:

Our recent advocacy successes-a direct result of your participation in grassroots advocacy efforts such as Hiking the Hill-should have you pumped to attend next year's CUNA Governmental Affairs Conference, the next iteration of which we announced this week. With more than 5,000 credit union activists in attendance, no event connects you to the movement, no event allows you to facilitate its success by fighting for our priorities on Capitol Hill, like GAC. It's the biggest credit union event of the year. Start making plans now! 

My column in The Hill:

I was proud to team up with fellow former Office of Management and Budget Director Peter Orszag, who served under President Barack Obama after my term under President George W. Bush, on a column championing the work of a recent bipartisan commission. The commission was created to better harness data to find efficiencies in our government. Bipartisanship can be hard to find in Washington these days, so we must embrace and support efforts like these that reach across the aisle in the name of improving the way we govern. That's what the citizens of this country deserve. 

Shoutout of the week:

I wanted to congratulate the seven Juntos Avanzamos credit unions that received Warren Morrow Hispanic Growth Fund Grants recently, funding that will support their ongoing work to serve Hispanic communities across the country. CUNA is proud to partner with the National Credit Union Foundation and Coopera to offer this program, which provides up to $1,500 for initiatives focused on Hispanic membership growth. 

Thank you for your continued participation in and engagement with the CUNA/League system. 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 and CEO