This marks my first Governmental Affairs Conference as President/ CEO of CUNA and it is an exciting time to be leading the credit union movement.
As a lawmaker for 16 years, I always looked forward to meeting with delegates from Iowa's credit unions. I know how important a credit union Hike the Hill is, and what it means to both the credit union members and the members of Congress they visit. A credit union message gets heard loud and clear with each GAC.
Nearly 5,000 people are in Washington this year to advocate for the credit union movement. Credit union leaders are here to talk about preserving the credit union tax status, stopping merchant data breaches and improving merchant data security standards, and enacting regulatory relief in the wake of Dodd-Frank and other rulemakings that have so severely affected their ability to serve their membership.
We've asked Congress to stop merchant data breaches, and we've contributed to hearings in the House Energy and Commerce Committee and the Senate Commerce Committee on those issues. Those are just the first of what we expect to be several on data breaches and cybersecurity. We've also seen Congress take some steps toward removing barriers for credit unions, including CUNA's testimony at a recent Senate Banking Committee hearing, which will enable them to more fully serve their members. We're encouraged by their bipartisan interest in the issue.
While credit unions and their members weren't part of the problem that caused the economic downturn, they're certainly being hurt by the one-size-fits-all solution being implemented. We're here to ask Congress for help to remove barriers and let credit unions serve their members – that's the key message for this year's GAC.
Everyone can be involved – at any time. For CUNA, it's a 360 degree focus and approach to advocacy. Credit unions are meeting with members and their staff at home and in Washington throughout the year. It's essential because Congress can make a difference in the lives of over 102 million credit union members. Our membership is what makes the credit union system strong. The passion behind the credit union movement is unmatched – it's truly a grassroots movement. But when you look at the credit union structure, it's easy to see why.
It's not what we do as a financial institution that makes us different, it's how we do it. Member-owned, not-for-profit, community-based credit unions wrapped up 2014 with more than 102 million memberships and increased loan portfolios. Our estimates show that credit union membership expanded by 3.6%—the highest calendar year growth in membership since 1994, while credit union loans outstanding rose by 10.2%, the fastest jump since 2005. We're focused on being America's best financial partner by creating awareness, fostering service excellence and removing barriers.
As CUNA and the credit union system continue to grow and strengthen, so will our message to Congress and American consumers.
For everyone who was able to join this year's GAC – welcome to Washington!
Jim Nussle is President/CEO of CUNA. He can be reached at 800-356-9655 or [email protected].
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