The Best of Times

In his June 15, 2018 CU Times opinion piece titled “Advocacy: A Winning Strategy in Uncertain Times,” Dan Berger rightly touts the efforts of credit unions across the country who helped in getting Congress to pass the Economic Growth, Regulatory Relief and Consumer Protection Act. In addition, those same credit unions worked tirelessly to achieve changes at the NCUA and the CFPB that will provide credit unions with needed regulatory relief.

I commend Dan and the efforts of NAFCU along with those of his counterpart Jim Nussle and CUNA. Both clearly saw an opportunity to advance the credit union agenda and get significant credit union legislation passed.

Legislators and regulators can clearly see what credit unions do for the 111 million Americans they serve with needed financial services and products. They provide service not only in large metro areas but rural areas as well, and not just to selected income groups but to every level of income. They do this all while continuing to remain true to their philosophy of “people helping people” and “not for profit but for service.”

I would, however, like for Dan to title his piece “A Winning Strategy in the Best of Times.” I believe that the climate for regulatory relief, sound financial legislation and changes that allow financial services providers to do their jobs better is the best anyone can hope for.

During his campaign, the transition of government and now as part of his presidency, President Trump called for, promised and delivered the regulatory relief that financial institutions and their trade associations said were needed. His leadership along with the legislative support of Speaker Paul Ryan, Majority Leader Mitch McConnell, Chairman Jeb Hensarling and Chairman Mike Crapo, and their ability to bring enough Democrats on board provided the climate for a winning strategy.

Dan mentions the various regulators that have helped the credit unions’ efforts this past year and acknowledges their willingness to listen. Their desire to do so and move forward with the recommendations of NAFCU and CUNA is a result of the direction from the person he mentions first on his list, President Trump. All the financial regulators, including the most important one for credit unions, the NCUA, are following the president’s lead and instruction.

There are good times and bad times. For the financial sector and for credit unions, these are the best of times.

Michael Fryzel is a Chicago-based attorney and former chairman of the NCUA board. He can be reached at meflaw@aol.com.