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CUNA, Cornerstone Urge CU Involvement in Major New Reg. Relief Campaign
Friday, December 9, 2016 6:50 AM

The CUNA/League system is launching a multilayered advocacy campaign plan that aims to take advantage of a favorable political environment to rein in excessive regulations that are hurting credit unions. The central piece of the campaign will be activating credit union members nationwide to get involved in the advocacy fight.

Yesterday, the CUNA board of directors unanimously endorsed a comprehensive advocacy campaign put forth by CUNA and the leagues, including Cornerstone, to bury needless Washington regulations promulgated by the Consumer Financial Protection Bureau, the NCUA, and others.

“A Congress and an administration who have been vocal about cutting regulations were just elected, offering us a serious opportunity to peel away the excessive regulations that hamstring credit unions," said CUNA President/CEO Jim Nussle. "It’s unfair that members are forced to pay for unnecessary regulations when our credit unions had no role in starting the financial crisis, which is what these rules were created to address. The new political climate presents a great opportunity for credit unions, but we can only succeed if credit unions, their staffs and their members across the country get involved in our advocacy campaign."

CUNA and the leagues have met and continue to meet with new and returning members of Congress and President-elect Donald Trump’s staff, discussing a recent study by CUNA that found that the combined effect of increased costs and reduced revenues due to regulations from Washington amounted to at least $7.2 billion in annual financial impact for credit unions.

CUNA and Cornerstone are asking credit unions to get involved in a targeted campaign, which will fully launch in January. In the meantime, they are asking members to do three things prior to the launch:

  • Enroll in a credit union grassroots program immediately—Enroll in the Member Activation Program (MAP) immediately to begin the process of educating credit union members about how regulations affect them directly; 
     
  • Reach out to Cornerstone to participate in meeting with members of the new Congress; and
     
  • Dedicate time in 2017 for participating in the CUNA Governmental Affairs Conference, league meetings, and other opportunities, including Hike the Hills.

"Cornerstone's delegation will once again wield significant influence in the next Congress, and a robust level of participation in this campaign is essential," said Cornerstone's Chief Advocacy Officer Jim Phelps. "This is our opportunity to press for passage of substantive regulatory relief and create a more favorable operating environment to benefit all credit union members."