Last week, over 100 credit union professionals and board members attended the Governmental Affairs Conference (GAC) in Washington D.C.
As part of the conference, the Minnesota delegation met with both Senators Klobuchar and Smith, as well as the eight Minnesota U.S. members, to discuss issues that impact credit unions. The conversations focused on the current regulatory environment, its impact on operations at credit unions of all sizes and ways that Congress can help. Last week during the conference, Rep. Luetkemeyer (R-MO) introduced the Secure Payments Act, which would prevent the Federal Reserve from finalizing the implementation of their cap on interchange rates until they’d studied and done an impact analysis on the rule’s effect on financial institutions. Minnesota Credit Union Network have talked with several members of Congress about signing on as co-sponsors. "Hearing about the Fed’s cap on interchange rates directly from credit unions really helped make the case for its negative impact," said MnCUN Chief Advocacy Officer Ryan Smith. "Thanks to all who attended the Congressional meetings at GAC and advocated for Minnesota credit unions and their members." Minnesota attendees also met with the new NCUA Board member Tanya Otsuka to discuss her new role and the industry and for her to hear directly from the credit unions that she now supervises about the challenges they face on a daily basis. She pledged to always be open to meeting with credit unions and from hearing about our concerns on issues that the NCUA, and other regulators, might be proposing. MnCUN will be working with her staff to get her to Minnesota for a visit. Comments are closed.
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February 2025
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