WASHINGTON–The president and CEO of America’s Credit Unions said he came away from a week of meetings with Treasury and administration officials impressed with their knowledge of the financial institution marketplace, including credit unions.
Calling it a “solid week” of meetings with representatives of Treasury and the White House (as the CU Daily reported here and here), Scott Simpson said it was also an opportunity to respond to some of the “rhetoric that we hear from our opponents,” and that he and other ACU representatives did their best to “articulate the fact that we are the best deal for American consumers.”
Unlike what is often the case with new members of state legislatures or Congress, where credit unions must begin meetings by explaining what credit unions are and how they work, Simpson said that was not the case in his meetings at Treasury and with the administration.
‘These People are Professionals’
‘The reality is this these people are professionals,” Simpson said in response to a question from the CU Daily. “Everybody that I’ve engaged (has) intense Capitol Hill experience. They’ve been in DC.”
Many, said Simpson, have years of experience at Treasury or with the House Financial Services Committee or Senate Finance Committee.
“They have deep government experience in engaging the financial institution space, so I came away from those meetings confident they not only understand (financial) depositories but they have they have a pretty good view of the history and struggles of credit unions in the country,” said Simpson. “We spent our time meeting with these Treasury appointees who have found their positions because of the pedigree they have. They were already working in financial institution space.”
Additional Meetings With Treasury
Meanwhile, Simpson and America’s Credit Unions’ Head of Regulatory Advocacy James Akin held a meeting with Treasury Deputy Assistant Secretary for Community and Economic Development Alexandria Smith. In her role, Smith manages programs like the Community Development Financial Institution (CDFI) Fund and other community-focused policy areas, the trade group said.
According to America’s Credit Unions, Simpson emphasized the importance of maintaining a fully operational CDFI Fund to ensure certified CDFIs can continue deploying affordable financial services in underserved communities. He highlighted concerns related to recent disruptions and procedural challenges that risk delaying certifications and awards.
Leveraging Resources
“On behalf of the nearly 500 CDFI-certified credit unions and their members, we appreciate Treasury’s continued engagement on the CDFI Fund and its mission to expand opportunity in underserved communities,” Simpson said in a statement. “Credit unions leverage these resources every day to support small businesses, affordable housing, and local economic growth, and that impact depends on a fund that is stable and efficient. Today’s discussion was positive, and we look forward to continuing to work with the administration to strengthen the effectiveness and predictability of the CDFI Fund so communities across the country can continue to thrive.”
America’s Credit Unions said it urged Treasury to consider targeted, practical improvements to the CDFI recertification process, including allowing minor technical corrections during application review, providing a temporary certification grace period for institutions in recertification, and updating the Low-Income Calculator to reflect current Department of Housing and Urban Development income data.
