What happens when nearly eighty credit union leaders from more than 30 Ohio credit unions hop onto a Zoom call with Congress? Ohio credit union priorities, like Paycheck Protection Program Forgiveness, examination flexibility, and regulatory relief are further promoted, and more than 3.1 million Ohioans are protected. This year’s Hill Hike may have looked different, but connecting with decisionmakers remains vitally important to fortifying financial cooperatives in an uncertain future. In case you missed it, here’s a highlight of the conversation rundown:
- U.S. Senator Rob Portman (R-Ohio) extended his support for financial cooperatives by acknowledging the need for COVID-19 related liability protections for essential service providers, like credit unions, and expressed his opposition to a proposed National Credit Union Share Insurance Fund premium assessment.
- U.S. Senator Sherrod Brown (D-Ohio) applauded Ohio credit unions for prioritizing member needs during the pandemic. As a top U.S. Senate Banking Committee leader, he offered his continued support for Movement priorities, like regulatory relief for Main Street lenders, as the economy continues to recover.
- Congressman Warren Davidson (R-Troy) voiced his appreciation for credit unions helping small businesses, who were turned away by multi-national banks, with Paycheck Protection Program funds and commitment to aiding ongoing regulatory relief efforts as a U.S. House Financial Services Committee member.
- Congressman Steve Stivers (R-Upper Arlington) indicated how a revamped Bank Secrecy Act would ease credit union reporting requirements, without compromising FinCEN’s AML oversight, and noted his support for a modified or eliminated GSE adverse market fee to lessen the impact for credit union members and other low-to-moderate homeowners.
The League and CUNA look forward to continuing the fighting for Movement advocacy victories following the election. To learn more about how credit union priorities are supported in Congress, catch the recorded conversation or reach out to League SVP of Advocacy Emily Leite for more information.