The Nussle Report
July 17, 2015
July 17, 2015
Building a Strong Future Together:
This week’s America’s Credit Union Conference/World Credit Union Conference, co-hosted by CUNA and the World Council of Credit Unions was an enormous success. During my speech I outlined CUNA’s plan to refresh the association’s value proposition, focus on advocacy and challenge member credit unions to be even stronger. Our success in the future is about growth, a future in which every American has access to a credit union. In this effort we’ve got to engage not only our CEOs, employees and volunteer board members, but also our 100 million members as grassroots advocates. More on my speech and the critical role we all share in advocacy is in this News Now story. For complete coverage of the conference click here.
Great Credit Union Teamwork Gets Noticed in Denver at CUNA/World CU Council Meeting:
It’s not every day that an association meeting gets noticed in a host city’s press, so we can be proud that the meeting we just finished in Denver did. I’m grateful for the terrific working partnership with the World Council of Credit Unions and the Mountain West Credit Union Association in particular for their work in making the meeting such a success. All together more than 3,100 participants from 61 countries were there, with an estimated $7 million impact to the local economy. To take the credit union difference message to the public, we participated in a local food truck event – Civic Center Eats – giving away tacos and credit union information to help raise consumer awareness of the credit union difference.
CUNA Board Chair Susan Streifel Rallies the Troops:
Congratulations to CUNA Board Chair and Woodstone CU President/CEO Susan Streifel for her terrific opening general session speech at this week’s conference. Susan called on credit union leaders and advocates to renew their commitment to make credit unions the best financial partners for people in this country and around the world. “Get engaged, get active,” she said. You can learn more about Susan’s speech here.
Anne Cochran, LA League President/CEO Elected WOCCU Chair:
Congratulations to Anne Cochran, pesident/CEO of the Louisiana Credit Union League for her election as chair of the World Council of Credit Unions board of directors. She is the first female chair of World Council.
Debbie Matz to Testify at House Committee Hearing About NCUA:
We expect the House Financial Services Committee to hold a hearing next Friday with National Credit Union Administration (NCUA) Chair Debbie Matz as the featured witness. I’m grateful to Chairman Jeb Hensarling (R-Texas) and staff for their attention as we’ve briefed them and provided information on issues we are focusing on at the agency. I am pleased Chair Matz is making herself available for the hearing. The scope of the hearing is broad, but we anticipate members focusing on the agency’s budget. The hearing is scheduled for July 24 at 9:15 a.m. EST and will be streamed live from the Committee’s website.
Setting the Record Straight Against Bank Attacks:
IVigilance is necessary as we monitor and counteract local and state-based attacks on credit unions. We must use those attacks as an opportunity to communicate the positive difference credit unions make in the lives of members and the local, Main Street communities we serve.
- John Fenton, president/CEO of Basking Ridge, N.J.-based Affinity FCU, has an excellent rebuttal to bank attacks
- Greg Michlig, New Jersey Credit Union League president/CEO, also pushes back against the banks
- Dianna Dykstra, president/CEO of the California and Nevada Credit Union Leagues, makes great points about the credit union difference
Mortgage Reporting Offset Prompts CUNA Concern:
I wrote to House Ways and Means Chair Paul Ryan (R-Wis.) and ranking member Sandy Levin (D-Mich.) Wednesday to express concern about a mortgage reporting offset provision in the Highway and Transportation Funding Act of 2015 (H.R. 3038). The provision, requiring credit unions to report additional mortgage information (loan origination date, outstanding principal balance of each loan as of the beginning of the year, and the address of the collateral property) on their members to the Internal Revenue Service starting in 2017, adds to the already staggering regulatory burden we face with no resulting benefit for consumers. CUNA is urging the Ways and Means Committee to strip this onerous language from the bill.
CUNA Presses Regulatory Relief at CFPB Oversight Hearing, Cordray Praises Credit Unions:
Consumer Financial Protection Bureau Director Richard Cordray said at a Senate oversight hearing this week that he’d like credit unions and community banks to lend more, noting we’re the most consumer-friendly financial institutions in the country. While I appreciate the sentiment, his bureau continues to impose an ever-tightening and complex regulatory burden–hampering our very ability to do what he’s asking. Prior to the hearing, I sent a letter to the Senate Banking Committee urging passage of key legislative proposals that would provide targeted and much-needed credit union regulatory relief. You can follow this and other issues on CUNA’s Removing Barriers blog.
NY Times Features CUNA’s Bill Hampel Highlighting CU Mortgage Advantage:
CUNA Chief Policy Officer/Chief Economist Bill Hampel was featured in the lead quote underscoring the advantages credit unions offer members in mortgage lending. The headline couldn’t have been better–”The Appeal of Credit Union Mortgages.” Way to go Bill! Take a look at the story here.
With CUNA/League Help, NY Times Columnist Features CU Summer Jobs:
CUNA and a number of state leagues had a chance recently to help a columnist from The New York Times with his work featuring students working summer jobs as tellers. The column turned out nicely–headline notwithstanding, you’ll see what I mean when you read the article. It includes great mentions of credit unions and how the students are benefiting from their work.
Op-ed outreach spreads the credit union message:
We used the joint ACUC/World Council meeting in Denver to highlight key credit union difference themes in industry trade publications.
- In the Credit Union Journal I emphasize key attributes about the credit union difference we can’t take for granted
- In the Credit Union Times I make the point about how credit unions are a natural fit for millennials
- In my CU Insight op-ed I look at the innovative ways we promoted the credit union difference during the Denver meeting
- News Now coverage of my speech at the joint ACUC/World CU Conference
- News Now reports on CUNA Board Chair Susan Streifel’s speech at the ACUC/World CU Conference
- For complete coverage of the joint conference click here
- The New York Times features CUNA’s Bill Hampel in this article on credit union mortgage lending
- The New York Times columnist Ron Lieber writes about summer teller jobs at credit unions
- Senate Banking Committee letter on CFPB
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