Lawmakers champion credit union priorities, acknowledge needed changes

Credit union champions and key committee leaders across the political spectrum shared insights with Congressional Caucus attendees Tuesday, with a strong focus on credit unions’ efforts to provide everyday consumers with invaluable access to financial services.

House Majority Leader Steve Scalise, R-La., detailed the current agenda for Congress and actions taken so far in the 119th Congress. He touted credit unions’ work to help people “achieve the American Dream,” and praised advocates in the room for meeting with lawmakers in person. “They need to know what your priorities are,” he added. “Because when you’re thriving, you’re helping all the people you serve, and your community thrives as well.”

Rep. Andy Barr, R-Ky., who serves as chair of the House Financial Services Financial Institutions Subcommittee, shared similar sentiments with attendees. “The great thing about credit unions is you serve an incredibly important function in the financial services ecosystem,” said Barr, also referencing the industry’s efforts to support consumers in their pursuit of the American Dream. “Credit unions are American Dream-makers.”

Barr detailed his priorities, noting that CFPB reform, fraud prevention, and data privacy are at the top of his list. He thanked the America’s Credit Unions team for providing input on data privacy, noting that current legislative action in the data privacy space is on track with the priorities America’s Credit Unions has offered.

Fraud was a frequent topic for policymakers, including Treasury’s Jonathan McKernan, who is nominated to serve as the Under Secretary for Domestic Finance at the Treasury Department. McKernan stated Treasury has received the message “loud and clear” that fraud is at the top of the credit union agenda. He said the department will explore information sharing while balancing privacy issues with consumer protection and encouraged the audience to provide feedback and offer ideas for consideration.

Rep. Sean Casten, D-Ill., a member of the House Financial Services Committee, shared that access to capital markets is one of his top priorities, adding that “there has never and will never be a financial crisis caused by a credit union.”

House Small Business Committee Chairman Roger Williams, R-Texas, noted that his family couldn’t do business without credit unions. He highlighted priorities to reform the CFPB, continued oversight of the Small Business Administration, and addressed overregulation to help financial institutions and small businesses thrive.

House Financial Services Digital Assets Subcommittee Chairman Bryan Steil, R-Wisc., detailed credit unions’ “essential role in the digital assets space.” He thanked attendees for their work “on the front lines, helping people move their lives forward.”

Rep. Janelle Bynum, D-Ore., offered support for expanded investment authority for credit unions and the industry’s tax status, as well as her personal experience as a member of a credit union. She stressed the importance of credit unions as a top financial option for young generations.

“As our young people are growing, you need financial products that grow with you,” she said. “You need to be able to access credit and move money around for life’s big events.”