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Cornerstone Advocacy

Legislative Priorities

Cornerstone advocates on behalf of member credit unions on a wide range of legislative matters. While our legislative priorities change from year to year, based on Congress and state legislatures, certain matters remain ongoing, such as the federal credit union tax exemption.

Cornerstone maintains constant vigil for any suggestion from lawmakers that the credit union tax exemption should be up for debate. Congress established this exemption for credit unions because of their not-for-profit financial structure through the Federal Credit Union Act in 1934, but bankers have consistently lobbied against the exemption. Therefore, Cornerstone's top priority is to safeguard this primary feature of our cooperative structure.

As legislation proceeds through Congress and the state legislatures in Arkansas, Oklahoma, and Texas, Cornerstone monitors many matters of importance to credit unions.

Local Priorities

The legislative sessions in Arkansas, Oklahoma, and Texas are completed for 2021, except for fall special sessions to deal with redistricting based on U.S. Census numbers. Watch this space in the future for new priorities as we head into 2022–2023.

Arkansas

  • Protect lienholder interests.
  • Guard against predatory lending and PACE loans.
  • Defend/protect the franchise tax exemption for credit unions.
  • Improve legislative awareness and perception of CUs via “Right Move, Right Now” campaign.
  • Identify, track, and support/defend bills related to COVID-19 based on impact to CUs.

Oklahoma

  • Ensure continuation of COVID-related liability protection for businesses.
  • Pursue legislation to keep the trucker industry on defense for threatening lienholder interests.
  • Protect lienholder interests, including possessory lien process and insurance regulations requiring unreasonable timelines for remitting insurance proceeds to mortgage holders.
  • Promote bill to allow financial institutions to offer Prize-Linked Savings.
  • Oppose legislation to expand PACE loans to include residential property and to make but not require lienholder’s consent.
  • Identify, track, and support/defend bills related to COVID-19 based on impact to CUs.

Texas

  • Complete sunset process regarding Texas Credit Union Department while maintaining self-directed, semi-independent (SDSI) status.
  • Defend and mitigate regulatory burdens on credit unions.
  • Protect lienholder interests.
  • Defend measures to favorably modify data security.
  • Defend/protect the franchise tax exemption for credit unions.
  • Identify, track, and support/defend bills related to COVID-19 based on impact to CUs.

 

Legislative Session Highlights

Get a recap of what took place during each state's legislative session.

Federal Priorities

  • Defend/protect the franchise tax exemption for credit unions.
  • Pursue measures to create national data security and privacy standards.
  • Defend CUs from onerous regulations that impede ability to serve members.
  • Advocate for the elimination of Current Expected Credit Loss (CECL) standard or an exemption for credit unions.
  • Identify, track, and support/defend bills related to COVID-19 based on impact to CUs.

COVID-19 Economic Impact

COVID-19 CU Impact

Help us tell the story of how the pandemic has impacted credit unions.

Arkansas CU Campaign

Arkansas CU Campaign

Learn more about the "Right Move. Right Now" campaign for Arkansas credit unions.