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The Credit Union Movement Needs You at Hike the Hill
Wednesday, May 25, 2016 6:55 AM

Hike the Hill

The upcoming Hike the Hill, June 14-16, will this year combine a regulatory hike with a legislative hike, and topping our list of things to do while we're there is amplifying our support for H.R. 3048, the Community Financial Institutions Exemption Act by Rep. Roger Williams (R-TX).

Unfortunately, burdensome CFPB rules are preventing credit unions from serving the needs of their members. Credit union members are not in need of “protection” from their credit unions. They need the cooperative institutions that they own to be able to continue to provide valued products and services.   

H.R. 3048 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 legislation 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 the Cornerstone Credit Union League and its outreach to members of Congress. Cornerstone also collaborated with the state banking trade groups to introduce this legislation. And now we need your help to make sure those in Washington, DC, hear our voice on this issue. Won't you join us at this year's Hike the Hill?

Learn more about Hike the Hill here.

If you have questions regarding this event, please contact Gretchen Ziegler at 800-442-5762, ext. 6484, or email gziegler@cornerstoneleague.coop.