Armed with data demonstrating the credit
union difference, twenty-seven credit union advocates representing ten credit
unions in North and South Carolina took that message to Capitol Hill in
Washington, D.C. November 13-14. Representing
Greenville Federal Credit Union were President Paul Hughes, COO Brian
Sponaugle, SVP Human Resources Dawn Rumney and 2019 Carolinas Credit Union
League Protege Meaghan King.
South Carolina advocates began Hill visits Wednesday afternoon,
meeting with staff for Senators Lindsay Graham (R) and Tim Scott (R).
On Thursday, the full group began with breakfast, joined by
Congressman Jeff Duncan (R-SC3) and Congressman Mark Meadows (R-NC11). Both
commended participants for making the time to visit their delegations, acknowledging
that Congress was distracted with impeachment hearings but reiterating the
importance of continuing to bring attention to the issues of importance to
credit unions.
Following the breakfast, South Carolina participants met with
Reps. Joe Cunningham (D-SC1), Joe Wilson (R-SC2), Tom Rice (R-SC7), Ralph
Norman (R-SC5), and Jim Clyburn (D-SC6). With Congressman William Timmons
(R-SC4) away all month on military duties, the group met with his chief of
staff and legislative assistant.
During all of their Hill visits, credit union advocates focused
on several issues.
- Preserve
Credit Unions’ Tax Status. Their tax status is critical to the
preservation of credit unions and consumer choice. The tax exemption is
based on our not-for-profit structure, as well as our mission to promote
thrift and provide access to credit for provident purposes. Last year, credit
unions delivered $16 billion in benefits to consumers, while banks got $26
billion in tax breaks and recently reported record profits for their
shareholders. - Secure
Data and Protect Consumer Privacy and Cybersecurity.Data security and privacy
risks are much deeper than merchants and financial institutions and must
be treated as national security priorities. - Question
Current Expected Credit Losses (CECL) Standards.Application of the
Financial Accounting Standards Board’s (FASB) CECL methodology to credit unions
is inappropriate and an unfunded mandate by a non-governmental entity. - Balance
the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Statutory Framework. Carolinas credit unions
support efforts to track money laundering and terrorist financing, but also
believe it is important to strike the right balance between the compliance
costs to financial institutions, like credit unions, and the benefits to
the federal government. - Support
the House Version of FY2020 National Defense Authorization Act. Keep the best
interests of service members in mind, keeping military bases free from
for-profit and predatory financial institutions. In NDAA conference
proceedings, support House provisions and omit the expanded allowances in
Section 2821 of the Senate version.
“In Advocacy, we are diligent in preparing for productive
meetings with legislators. Our work leading up to the trip and while in
Washington was no different,” Carolinas Credit Union League President Dan Schline noted. “We are pleased that, despite the
particular distractions Congress and office staff face from one week to the
next, we again delivered the positive, valuable messages of credit union
service to and concern for North and South Carolina consumers.”
Greenville Federal Credit Union is part of the Carolina’s Credit Union League and the Credit Union National Association (CUNA), a national organization based in Washington, D.C., and Madison, Wisconsin. These organizations work together to provide legislative support to all credit unions and coordinate congressional efforts at State and Federal levels. Learn more.
Source: Carolinas Credit Union League
