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Lawmakers have the power to change the credit union landscape with the stroke of a pen. Cornerstone Credit Union League is your advocate in the legislative and regulatory world, manning the front lines in the state capitals and Washington - in the hearings, offices, and hallways - safeguarding the interests of credit unions and ensuring that financial cooperatives continue to flourish. By developing long-term legislative strategies, maintaining vigilance with regulatory agencies, keeping League members informed of developments, magnifying the voice of credit unions everywhere, your League works to preserve an environment in which credit unions not only exist, but thrive.
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We shape state and national conversation about credit unions. We believe strongly in our mission, and are uniquely positioned to create a healthy environment in which to champion the issues important to credit unions. As the voice of our membership, we actively engage the media, political leaders, small business groups, and consumer advocates. Our vigilance on the legislative front allows us to identify allies, cultivate working relationships, and encourage a high level of awareness in Congress.
Grassroots campaigns and PAC promotions aren't just ideals; they're the daily work of the Cornerstone Credit Union League. We advance the credit union mission and foster the public trust via multilayered grassroots efforts, PAC fundraising with sustained giving, and community involvement. Through our network of legislative coordinators, participation in special events with lawmakers, and strategic activities designed to strengthen our political influence, we strive to positively impact the current financial climate and the future health of credit unions.
One of the primary goals of the Cornerstone Credit Union League is to advocate on behalf of the credit unions in Arkansas, Oklahoma, and Texas. An important aspect of advocacy is engaging our members to participate. Contributing to PAC is just one way you can and SHOULD participate in the political process!
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Tax reform, $10.17 for 10/17 Campaign, National Online Rally Update, and how you are celebrating ICU Day.
Update on federal legislative issues.
The House Financial Services Committee has just approved legislation that would extend share insurance coverage to all of the underlying owners of funds held by lawyers in trust accounts and realtors in escrow accounts. This is the first stand-alone credit union regulatory relief bill since March 28, 1998.
A full slate is on agenda this week on Capitol Hill, with committee meetings dominating the activity. Director Cordray will provide testimony today for the CFPB's semi-annual report before the Senate Banking Committee, and the House Financial Services Committee will markup a number of bills, including the Interest on Lawyers Trust Accounts (IOLTA) on Thursday.
Politico reports that Senate Finance Committee leader Max Baucus (D-Mont.) is planning to release the first in a series of tax reform discussion drafts soon.