WASHINGTON–Three members of Congress addressed America’s Credit Unions GAC on its last full day, and all shared a pro-credit union message.
Editor’s Note: This coverage is based on a transcript provided by America’s Credit Unions.
‘From the Tough Times to the Good Times’
Sen. Lisa Blunt Rochester (D-DE) said she supports everything credit unions do for members, families, and communities, “from the tough times to the good times,” and that’s why members from both parties continue to support them.
She also said she would continue to champion her bill, the Credit Union Board Modernization Act, to update federal credit union meeting requirements.
“We’re going to get that thing across the finish line and turn it from a bill into a law. Because you should not be wasting time with things that you don’t need to waste time with. Your focus should be on getting the job done and serving your members and communities,” she said.
Her co-sponsor on the bill, Sen. Bill Hagerty (R-TN), addressed GAC by video, supporting that bill, and other efforts he has made on the Senate Banking Committee to “peel back government outreach and allow you all to flourish.”
‘Simple But Powerful’
Sen. Andy Kim (D-NJ) told the meeting he supports credit unions because they share his “simple but powerful belief” that every American deserves access to safe, affordable financial services.
“You’re on the frontline of helping families manage costs, accessing financial services, keeping homeownership within reach, protecting seniors and families,” he said. “These are the challenges people want us to focus on.”
This requires Congress to work with credit unions, Kim added, not just protecting the credit union tax status, but advancing Blunt Rochester’s bill (of which he is a co-sponsor), and protecting the Community Development Financial Institutions (CDFI) Fund.
‘Do Not Tax My Credit Union’
Rep. Juan Ciscomani (R-AZ) said he was proud to lead a bipartisan letter in support of the credit union tax status last year, and reiterated Wednesday, “Do not tax my credit union! That will always remain my position.”
Ciscomani, a member of the House Appropriations Committee, also said he supports full funding for Treasury’s CDFI Fund, and pledged to support it to help “strengthen local economies and create real opportunities for people to start businesses and buy homes and build financial stability.”
Video Welcomes Simpson
Rep. Young Kim (R-CA) also shared a video with America’s Credit Unions, welcoming Scott Simpson as president/CEO, and recalling the great partnership with him during his tenure at California’s Credit Unions.
“When I meet with constituents, they often share how much they love their credit union experience, not just because of the great rates they are getting but because of how they truly care,” she said. “We live in a world where access to capital has decreased dramatically thanks to the failed policies of Dodd-Frank,” she said. “That is why it’s even more important that we make changes to the community financial institution regulatory landscape and why I’m so committed to championing credit unions’ critical role in communities.”
Kim has co-sponsored legislation to increase credit union loan maturities and update federal credit union board meeting requirements, and signed letters in support of the CDFI Fund, noted America’s Credit Unions.
