WASHINGTON–While there are likely many global issues to be addressed, credit unions will be monitoring President Trump’s State of the Union address this evening for any mention of issues credit unions are concerned over, including some Trump has mentioned in recent months.
Jason Stverak, chief advocacy officer with the Defense Credit Union Council, said credit unions and other financial institutions could find themselves included in the State of the Union as part of any remarks related to affordability, which has become a top issue in an election year.
“That’s obviously something that impacts not only DCUC and its credit union members, but the entire credit union industry and our ability to serve members and help people achieve the American dream,” said Stverak.
Concern Over CCCA
Stverak noted Trump has pushed members of Congress to cap credit card APRs at 10% and has also expressed support for the Credit Card Competition Act, which would affect {
“We hope and encourage the president to not include those issues in the State of the Union and to sit down and work with credit unions and all financial institutions to provide solutions on the affordability related issues,” Stverak said.
‘A Closely Guarded Secret’
Greg Mesack, senior vice president of advocacy with America’s Credit Unions, said the trade group has been focused on housing and affordability, and he expects it will be raised by Trump during the SOTU.
“We believe, we don’t know but we believe, that the president will talk about housing affordability in the State of the Union, so we’re watching that very closely.”
What the president will speak to during his remarks remains “one of the more closely guarded political secrets out there,” said Mesack, so he’s unsure whether there will be any mention of anything related to credit/debit cards.
“We have not heard one way or the other, but bviously the president has brought up credit card interest rate caps repeatedly…so that’s certainly is something that could come up,” he said. “Obviously, he also endorsed the Credit Card Competition Act, so there’s a potential those could be in his speech.”
