True Sky hosts legislative visits with Oklahoma Reps. Cole and Lucas

True Sky Credit Union held back-to-back legislative visits on Oct. 25 with Reps. Tom Cole (R-District 4) and Frank Lucas (R-District 3). The credit union’s board members and senior staff were invited to the meetings, which took place at the True Sky facilities in Oklahoma City.

“It’s incredibly important for credit unions to engage in advocacy so we can teach our elected officials about the credit union difference and ensure our industry and our members are top of mind when they consider legislation,” said True Sky President/CEO Sean Cahill. “We are thankful for our partnership with Cornerstone League whose leadership in advocacy has supported our efforts.”

Rep. Tom Cole

During his visit with True Sky, Congressman Cole focused on the election and the economic outlook. He noted that Oklahoma’s 4th district ranks 16th in the country for hiring federal employees, thanks to Tinker Air Force Base, FAA (True Sky’s original SEG base), and others.

The congressman said he understands credit unions’ concerns regarding the CFPB and stated it would be a very different agency if it must be accountable to everyone all the time.

He also addressed the hot topic of cannabis banking. Cole believes there is a lot of support for it but notes that Senate Democrats want a much larger national bill that makes it more difficult to pass through. He pointed to the international interest in Oklahoma cannabis farms, while also noting there was no consensus on whether to allow that.

Cahill said his credit union will launch its new cannabis banking service in early 2023.

On the Credit Card Competition Act, Cole isn’t sure it will come back, especially if Republicans win control of the House. He said he would overturn Dodd-Frank if it were up to him.

Regarding the general election, Cole said that if Republicans win control of Congress, Americans can expect to see the border be a priority, as well as more dollars put toward defense. On that score, he expects significant funding to go to Oklahoma’s 4th district.

Cole discussed the importance of seniority in House and Senate committee roles. He said that’s where you see real influence happening. Newer members of Congress who may be the loudest voices on Fox News and MSNBC are not necessarily the ones in influential positions to make things happen. And he said, unsurprisingly, there was much less partisanship when he started in Congress, which was 2002.

Many people are pushing for term limits, the congressman said, but term limits would remove the seniority structure for committees, and that would hurt Oklahoma.

On how Cole sees credit unions, he said he understands the regulatory burdens credit unions face, and that big banks are not as powerful as credit unions and community banks in places like Oklahoma.

Rep. Frank Lucas

In his discussions, Congressman Lucas talked about redistricting and changes to Oklahoma’s 3rd district, which now encompasses much more of South Oklahoma City—and many True Sky members.

Regarding financial institutions, Lucas said, “Making sure my neighbors have access to affordable credit is a priority.

Lucas delivered some thoughts about 2023 and his predictions. He said inflation has to be controlled, interest rates will continue to rise a bit, and we will have to protect ourselves from Russia and China.

On cannabis banking, Lucas said entry standards are very simplified and tax is low because the law was introduced by citizens and the authoring was very intentional.

Drought in Oklahoma is an important issue for Lucas. He said the drought is impacting farmers quite a bit. Livestock sales have been happening for months, but there is a wait list at the packing plant. If we continue in this drought, he said, cattle numbers will be drastically lower next spring than we’ve seen in recent years.

Lucas said a system is in place for drought protection, but it’s sort of like insurance because farmers must sign up for it at the beginning of the year.

On the election outlook, Lucas expects Republicans to be in the majority next session.