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Cornerstone Credit Unions Press for Regulatory Relief
Friday, June 17, 2016 7:00 AM

Mark McWatters

The Cornerstone Credit Union league hosted its annual Hike the Hill this week in Washington, DC. Thirty-six individuals representing 27 credit unions from across our region participated in this two-day event. 

The event kicked off with a regulatory and legislative briefing from senior staff at the Credit Union National Association. Credit unions also received an overview of the benefits of the Member Activation Program (MAP) designed to engage credit union members in the political process and an economic update from CUNA Chief Policy Officer Bill Hampel. 

NCUA Board Member Mark McWatters joined attendees for lunch to speak about current initiatives on which the agency is focused, followed by an engaging Q&A from participants. 

After lunch attendees traveled to the offices of the Consumer Financial Protection Bureau to express their concerns about recently proposed regulations adversely impacting credit unions and their members. The primary topic of discussion was the proposed payday lending rule and the potential for this rule to negatively impact credit unions ability to serve their members.

"Credit unions did an excellent job of articulating their concerns about regulations from the CFPB, especially the new proposed payday lending rule," said Jim Phelps, SVP Advocacy.

Day one of the hike was focused primarily on regulatory meetings; day two will be spent on Capitol Hill addressing key legislative issues.