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Cornerstone Issues Important Call to Action for Credit Union CEOs
Tuesday, October 6, 2015 7:00 AM

Last week, Cornerstone Credit Union League asked all chief executive officers and advocacy contacts in the Cornerstone region for grassroots support of H.R. 3048 by Rep. Roger Williams (R-Austin). In order to advance this legislation, it’s imperative that credit unions flood congressional offices with letters of support.

As background, Rep. Williams introduced H.R. 3048, the Community Financial Institutions Exemption bill, which would exempt credit unions and community banks with less than $10 billion in assets from all CFPB rules and regulations going forward unless the CFPB makes an affirmative finding that the rules and regulations it is proposing need to be imposed on small institutions. This bill builds on a provision already in the Dodd-Frank Act (Section 1022) that gives CFPB authority to make exemptions from its rules and regulations based on asset size.

The introduction of H.R. 3048 was the culmination of a year-long grassroots effort by Cornerstone and its outreach to members of Congress. Cornerstone also worked with small bankers in our states to collaborate on this effort. 

Using the talking points you can find here, please take a few minutes to compose your letter on your credit union letterhead. The message is simple: "Please co-sponsor H.R. 3048, the Community Financial Institutions Exemption Act by Rep. Roger Williams." 

Address your letter to your member of Congress and save it in PDF form. Please then email your PDF letter to the email address of your representative's financial service legislative aide, which you can find here.

If you have any questions, please do not hesitate to call Jim Phelps, SVP advocacy, at 469-385-6481, or 800-442-5762, Ext. 6481, or email jphelps@cornerstoneleague.coop.