Northwest Credit Union Advocates Meet Face-to-Face with Top Regulators, Congressional Representatives, and U.S. Senators

Conversations with new NCUA Board, Federal Housing Finance Agency leadership, and elected members of Congress highlighted the NWCUA’s Spring Hike the Hill event.

5/28/19

Northwest advocates met in person with Senator Maria Cantwell (D-WA) last week to discuss housing finance reform, cyber security, and other legislative priorities.

“If you’re not at the table, you’re on the menu,” is an adage in credit union advocacy circles. But make no mistake. Your colleagues were at the table in a big way during the Northwest Credit Union Association’s Spring Hike the Hill event last week.

During a meeting with the Consumer Financial Protection Bureau, the leadership team was briefed on credit unions priorities relating to the Home Mortgage Disclosure Act, the Remittance Transfer Rule and the CFPB’s recent request to Congress for exam authority for the Military Lending Act.

“The Bureau was receptive to our concerns,” said Katie Clark, NWCUA Director, Regulatory Affairs and Risk Management. “We gained some insight into the process they are going through as an agency to review regulatory rules, and the Director’s desire to hear from entities that those rules impact.”

While in Washington, Northwest advocates also sat in on the National Credit Union Administration’s board meeting, and spoke afterwards with Todd Harper, Director.

“NCUA leadership is very focused on ensuring underserved and underbanked consumers are getting the financial services they need,” Clark said. Our conversation also touched on FCU Bylaws, CUSO modernization, supplemental capital, and NCUA’s work to modernize the examination process.”

Credit union priorities were also shared with the Federal Housing Finance Agency, in a meeting with Principal Deputy Director Adolfo Marzol and his team. Leadership assured Northwest advocates that a solution is being developed to address an issue with electronic signatures on Federal Home Loan Bank collateral.

Northwest credit union advocates attending the Spring Hike the Hill leveraged a rare opportunity to be at the table with leadership at the Consumer Financial Protection Bureau.

“In our meetings with our Congressional Representatives and Senators, we had very productive conversations highlighting the work credit unions are doing to serve our military members and their families,” said Samantha Beeler, NWCUA Vice President, Advocacy.

Spring Hikers thanked Rep. Denny Heck (D-WA-10) for stepping up to support for a letter to the NCUA asking for technical changes that will help Northwest credit unions better serve more than 1.3 million of their members who serve in the military. The letter is being offered to other elected officials to sign.

Advocates also discussed credit unions’ asks for housing finance reform and cyber security legislation, and provided information about the SAFE Banking Act, allowing financial institutions to serve legal marijuana businesses.

Sen. Mike Crapo (R-ID) met with the delegation as well. Crapo is the architect of the landmark Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) which passed last year and provides comprehensive regulatory relief to the financial services industry.

Advocacy is an on-going priority for credit unions. Registration is now open for the Fall Hike the Hill Sept. 17-19, 2019. Keep up to date with your advocacy army’s work by subscribing to the NWCUA Advocacy on the Move blog.