In Congress, we’re always on high-alert to defend against bad legislation that will hurt credit unions and their 137 million members. One major issue we’re working hard to protect against is curbing interchange fees, which is essentially Washington Beltway speak for something I call the Big Box Bailout because it takes money away from consumers and credit unions – that go toward a safe payments system and affordable access to credit – while lining the pockets of big-box retailers like Walmart and Target. How is NAFCU working to address these challenges? Our grassroots advocacy efforts are critical to our overall operation. NAFCU’s advocacy team takes real-life stories of the credit union difference and insights gleaned from our research products to inform our conversations with lawmakers and regulators. NAFCU has been at the forefront of advocating for credit unions in Washington, DC. What policy issues were you focused on in the first half of this year, and what progress has been made so far? What policy issues are you focusing on for the remainder of the year? We’ve been extremely active in 2023, fighting for credit union priorities. We had a member credit union testify on our behalf before Congress on the negative impact of the CFPB’s small business lending data collection rule, which only exacerbates hurdles entrepreneurs face when trying to start or grow their businesses. Several lawmakers are working to rein in the CFPB’s final rule as a result. We’re also sounding the alarm about the consequences of the CFPB’s credit card late fees proposal – part of its war on Main Street – and of proposed legislation to cap interchange fees. Both proposals would make things more expensive and less secure for consumers. After the bank failures, we made it our mission to highlight how credit unions are different than banks. As not-for-profit, member-owned financial institutions, credit unions are deeply committed to serving their members and are pillars of strength and trust in their communities. They listen to their members’ needs and find ways to provide safe, secure, and reliable products and services. That resonates with people who are looking for a banking solution they can trust. In the aftermath of the bank failures earlier this year, we saw consumers and small businesses move their money to credit unions. Credit unions are not profitdriven. They’re not run by greedy bank executives who chase yields. As banks have closed more than 11,000 branches over the past decade, with 1,500 closures in 2022 alone, credit unions are adding branches and opening doors in communities abandoned by banks. “In the aftermath of the bank failures earlier this year, we saw consumers and small businesses move their money to credit unions.”
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