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President Trump Meets with CU Leaders During CUNA GAC
Tuesday, February 27, 2018 7:00 AM

CUNA GAC panel

A small cadre of credit union advocates interrupted their time at the CUNA GAC to meet with President Donald Trump on Monday to rally White House support behind the Senate's bipartisan regulatory relief bill known as S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act.

Attending the meeting were top credit union CEOs, lobbyists, and representatives from Credit Union National Association. Also attending were credit union leaders and representatives from the National Association of Federally Insured Credit Unions.

While S. 2155, introduced by Sen. Mike Crapo (R-Idaho) is focused on exempting dozens of banks from stricter federal oversight, it also rolls back restrictions on lending across the financial sector. The Senate is expected to vote on the bill within the next two weeks.

“We were able to share some of the issues facing not only our credit union, but the industry, particularly with the Qualified Mortgage rules and the effect on the ability of smaller credit unions to get loans out," said Dallas Bergl, president/CEO of Inova Federal Credit Union in Elkhart, Ind. "We were also able to convey to them we were supportive of the changes in Consumer Financial Protection Bureau leadership, and we’re pleased with the improvements at the NCUA.”

CUNA President Jim Nussle said he's convinced that Trump wants to help and that he understands credit unions' worries about regulatory burdens. “He seemed concerned about the same concerns that we have,” Nussle said.

The Senate bill expands the range of which loan applicants can be considered qualified borrowers. It has more than enough Democratic support to clear the Senate, but has been opposed by House conservatives for not doing more to dismantle Dodd-Frank.

Trump has promised to cut back Dodd-Frank rules on qualifying borrowers to allow more consumers to take out loans.

CUNA attendees included:

  • Jim Nussle, president and CEO of Credit Union National Association (CUNA)
  • Maurice Smith, president and CEO of Local Government Employees Credit Union (N.C.), and chairman Credit Union National Association
  • Lisa Ginter, president and CEO of Community America Credit Union (Mo./Kan.), and board member Credit Union National Association
  • Dallas Bergl, president and CEO of Inova Federal Credit Union (Ind.), and board member Credit Union National Association
  • Douglas Ferraro, president and CEO of Bellco Credit Union (Colo.)
  • Mary Ott Wood, president and CEO of Florida West Coast Credit Union (Fla.)