Nussle op-ed: Advocacy means balancing current, future credit union needs
A holistic approach to advocacy, in partnership with leagues, is how America’s Credit Unions is working to improve the operating environment for credit unions. America’s Credit Unions President/CEO Jim Nussle explained what this strategy entails—and how it has helped secure the credit union tax status while moving pro-credit union policies forward—in a CUInsight op-ed published Friday.
“Credit unions do amazing things to help people achieve their financial dreams, and preserving credit unions' tax status means we can keep those efforts constant. But there is so much more still to do,” he wrote. “Our constant vigilance means not only do we stay focused on securing the credit union tax status as it makes its way through the legislative process, but we are fighting to protect interchange and the electronic payments system.”
Industry efforts are underway to prevent any amendments to the stablecoin GENIUS Act in the Senate—including Big Box Bailout language—but have also achieved success in getting bills introduced that would:
- Update federal credit union board meeting requirements
- Allow additional member business lending (MBL) flexibility by exempting loans to veteran-owned businesses from the cap and increasing the de minimis threshold under the MBL cap; and
- Update the Currency Transaction Report threshold, which has been unchanged since 1972.
“Each one of these bills—if enacted—would allow credit unions to increase services to members and communities, including those that continue to be left behind by big banks,” Nussle wrote.
America’s Credit Unions is working on getting additional bills introduced in the coming week to give credit unions additional abilities to improve the lives of members and communities.
