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Cornerstone Credit Unions Hike the Hill in Washington, DC
Friday, June 30, 2017 6:50 AM

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This week, more than 40 credit union advocates, including five young professionals (YPs) thanks to generous support from Catalyst Corporate Federal Credit Union, Co-Op Financial Services and CUNA Mutual Group, traveled to Washington, D.C. to attend Hike the Hill. Hike the Hill is Cornerstone’s annual advocacy event that includes meetings with members of Congress and representatives from key regulatory agencies.

The legislative issues of focus were regulatory relief, securing cosponsors to H.R. 1264 by Rep. Roger Williams (R-Texas), data security, and preserving the credit union tax status. 

“There’s an old saying that if you’re not at the table, you’re on the menu,” said Caroline Willard, president/CEO of the Cornerstone Credit Union League. “Hike the Hill ensures that credit unions are part of the discussion and shaping the message on critical issues such as regulatory relief, pressing for data security legislation, and protecting our federal income tax exemption.” 

Following a legislative briefing, credit unions spent the day on Capitol Hill and conducted over 40 individual meetings. Throughout the day, credit unions shared stories about the impact of new regulations on their members, as well as merchant data breaches. 

The following day was focused on regulatory issues with updates provided by representatives from the Consumer Financial Protection Bureau, the National Credit Union Administration, and the Treasury Department. 

The regulatory issues for discussion included the Home Mortgage Disclosure Act, review of the rule on remittances, small dollar/auto lending rulemaking, overdraft protection, merging the Corporate Stabilization Fund into the Share Insurance Fund, and the Bank Secrecy Act. 

Credit unions expressed their frustration about duplicative supervision and the resulting unintended consequences. For example, more than half of attendees said they've been forced to reduce or eliminate remittance services due to the CFPB’s rule. 

“We appreciate the number of credit union advocates who traveled to D.C. for Hike the Hill," said Jim Phelps, Cornerstone's chief advocacy officer. "They helped generate momentum going into the congressional recess on key issues like a credit union exemption from the CFPB and data security."  

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