* Alabama/Florida *
The credit union tax exemption will be one of the areas that the League of Southern CUs will focus on heavily with our federal delegations this year. With comprehensive tax reform expected, plus the bankers are vocal about fighting the tax exemption, the League is working to educate the Alabama and Florida congressional delegations on this issue. The tax exemption is at the heart of what makes a credit union unique.
Member Business Lending (MBL), supplemental capital and regulatory relief are other areas that the League will focus on this year. The economy is improving in some areas, but not nearly fast enough for small businesses. It's amazing that small businesses need capital but Congress continues to drag its feet on an issue that wouldn't affect the taxpayers in a negative way.
On the regulatory side, last year the League worked with the Consumer Financial Protection Bureau to set up meetings with credit unions. We met three times, including at the bureau's Washington office. The discussion during the Washington meeting included remittance transfer rules, and we were glad to see the CFPB took our comments into consideration on the final rule.
When it comes to educating our delegation, nothing is as effective as face-to-face meetings with credit unions. We not only bring them to Washington, but also set up many in-district meetings. This increased exposure helps credit unions build relationships. We also introduced the LSCU Action Center on our website as one-stop hub for advocacy. There is a Facebook page and Twitter accounts to compliment the LSCU Action Center. We are always looking for ways to engage our member credit unions in advocacy.
* Arizona/Colorado/ Wyoming*
While education of credit union philosophy and key issues is always important, this year it will be a significant component in our strategy with both new and returning members of Congress in Arizona, Colorado and Wyoming. After redistricting in Arizona in 2012, adding two new districts and with the addition of several new members of congress, it's going to be especially important while meeting with lawmakers to guide our member credit unions through educating their representatives on more than this year's key issues: credit union tax exemption, interchange and member business lending.
Recognizing the positive growth our credit unions have seen over the last year and the potential for so many changes in front of us, concentrating on integrating CU philosophy as an education component along with examples of member/constituent impact of each key issue will be an important strategy in maintaining lasting relationships in the long term.
* California/Nevada *
Credit unions are at a crossroads after last session's member-business lending battle. While many in the movement are fatigued on this issue, with the progress made, the support built and with the hopes of a new Congress, credit unions must remain adamant about passage of this legislation. It will be a top priority alongside protection of our tax status. Member-business lending is an example of how Congress takes long pathways to arrive at solutions for interest groups like ours, but hard work and patience are the keys to success in Congress." Bob Arnould, SVP of Advocacy, California and Nevada Credit Union Leagues.
* Connecticut *
The taxation of credit unions is an issue that we educate legislators about on the behalf of our members every day. We believe it is necessary to be diligent in this effort as a baseline to being successful in lobbying all issues. If legislators understand our structure and how it relates to our tax status, we can go on to productively discuss burdensome regulatory oversight, member business lending and capitol reform.
Credit unions have to deal with more regulatory burdens today than ever before. Therefore, we will be urging our members to be our advocates with the CFPB so that credit unions do not continue to be the unintended consequences of sweeping reform. Having friends in Congress who are willing to contact the CFPB on legislative intent is extremely important.
As not for profits, it is important to highlight that every dollar a credit union spends on complying with an unnecessary regulation is a dollar that is not used for the benefit of their members.
* Delaware *
Our focus will be on regulatory relief and maintaining our tax-free status. Each year there are enough new staffers that we need to educate and refresh our stance on the mainstream issues for credit unions. The new faces and the elected representatives are returning for a new session and will be reorganizing onto new committees and or moving up the chain of command, so it is more important to make the effort to lay the ground work for future meetings. Also, we will be talking about member business lending and services, along with the need for capital sourcing and field of membership issues. A busy year expected in the legislative arena!
* Hawaii *
This year, Hawaii Credit Union League's "ask" of the congressional delegation from Hawaii will be focused on three issues. The task will be a bit more challenging as Senators Brian Schatz and Mazie Hirono are new to their positions, due to the untimely death of Senator Daniel Inouye and retirement of Senator Daniel Akaka late last year. The House members are also relatively new, with Congresswoman Colleen Hanabusa beginning her second term and Congresswoman Tulsi Gabbard being a freshman.
The first issue being asked of the congressional delegation is preservation of the credit union tax exemption. Should major tax reform be proposed in the 113th Congress, justification for existing tax exemptions and deductions may be scrutinized. If that is the case, credit unions and their trade associations must be very diligent and clear in emphasizing the differences between credit unions as not-for-profit financial cooperatives, and for-profit providers of financial services such as banks and thrift institutions.
The second issue is to ease the regulatory burden on credit unions. As new laws are enacted, it is important for the Hawaii congressional delegation to remember credit unions were not the cause of the financial crisis but are actually part of the solution for economic recovery. Therefore, laws that could potentially add to the already heavy regulatory burden should consider exempting credit unions or lessening any burdens on them.
The third issue is to enhance the credit union charter. Allowing credit unions to access supplemental capital without disrupting their cooperative structure and raising existing caps on member business loans are two examples of legislative actions that would enhance the credit union charter. Banks and their trade associations will definitely oppose such legislation, so compelling cases must be made on how constituents of the congressional delegation from Hawaii will ultimately benefit.
* Idaho *
Since Idaho law provides a very favorable legal framework for credit unions, we do not anticipate pursuing any particular issues or reforms. However, each year we encounter legislation from other groups that we will evaluate and react to as we think appropriate. Underlying all of our efforts, however, is preservation of the credit union tax exemption. In that respect, we have found that it is best to focus legislators on credit union community activities and services rather than on the structural differences of credit unions. While the structural differences are important, the tangible benefits to local communities seem to have more resonance.
* Illinois *
When meeting with federal and state lawmakers this year, we will focus on preserving, protecting and defending the credit union tax-exempt status. We will outline the structural differences between credit unions and for-profit financial institutions. We will use Project Zip Code (PZC) data to highlight the number of constituents that are credit union members. We will also use data provided by CUNA that shows the value of credit union membership. Other items that will be highlighted to federal lawmakers include: regulatory burden, privacy notifications, member business lending, supplemental capital and housing finance reform.
* Indiana *
The federal legislative agenda for the coming year focuses primarily on advocating for credit unions' federal tax exemption, advancing credit union charter enhancements like increasing the member business lending cap, and reducing regulatory burden.
There has been tremendous turnover during the last two elections in the state's Congressional delegation and in the Indiana General Assembly. With only two of Indiana's nine federal representatives having served in the House prior to 2010 and almost half of the Indiana State House of Representatives new since 2010, we face a tremendous challenge as well as a tremendous opportunity as we build relationships with new legislators, some of whom have a history of credit union support. Establishing and developing strong key contact relationships with these new federal and state legislators will be the most effective way to advance the credit union message.
To successfully take advantage of the turnover, it continues to be very important that we strengthen our political involvement efforts by building programs that encourage even more people at more credit unions to get involved and work to develop stronger communications about PAC contribution and political involvement opportunities.
There are more than 100 attendees from Indiana at this year's GAC, which makes our visits to Capitol Hill very powerful. We conduct smaller, more strategically focused Hill visits with legislators throughout the year. Additionally, the League organizes one-on-one meetings in-district for legislators to learn more about credit union issues, and to strengthen their relationships with the credit union representatives in their areas.
* Iowa *
This year we will be focusing on raising the Member Business Lending cap. The MBL cap is hindering the ability of many of Iowa's credit unions to help small businesses create jobs in their communities. Iowa's congressional delegation is focused on job creation, and we will focus our message on how lifting the cap will help small businesses get access to capital, which, in turn, will help them create jobs. In the past, most of our delegation has been receptive to that message, while still being cautious regarding committed support of MBL legislation if and when it is brought up for a vote.
We will also underscore the need to maintain the current tax status of credit unions. We believe Iowans benefit by the choice and competition that credit unions provide in the financial services market place. Taxing credit union members is exactly the wrong thing to do if we are serious about getting our economy moving.
The strategies we use to deliver our message is simple: provide facts and tell the truth. Credit unions in Iowa provide great benefits to our state and our local communities. We use our advocacy efforts to make sure Iowa's policymakers know that a strong economy is directly related to a strong credit union industry.
* Kansas *
The issue that is top of mind among Kansas credit unions is the growing regulatory burden and the rising costs of compliance with ever-changing rules and regulations of increasing complexity. We will be stressing the importance of Congress providing oversight to CFPB and taking action on legislation that reduces the regulatory burden. In addition, our visits will highlight the importance of credit unions to the Kansas financial services marketplace and the need for increased member business lending authority. The most effective strategy is to create a connection between the issue and the legislator's district. We do this by providing concrete, real world examples of the impact that these issues have in district and on Kansas consumers.
For example, sharing info about the expenses and resources that went towards complying with a duplicative or unnecessary regulatory requirement instead of going to directly serve the members. Or telling the story of the member who was unable to open their small business until they received a business loan from their credit union.
* Kentucky *
In Kentucky, our main two areas that we will focus on is our tax exemption and regulatory relief. The regulatory burden is crushing to credit unions of all sizes; however, in Kentucky, the majority of our credit unions are under $50 million in assets and don't have the time, staff or energy to manage the onslaught of regulations being issued. Our strategy is to educate, educate and then educate on not only how our structure makes us different (cooperative financial institutions), how our members and consumers at large need a credit union presence in their communities, but also how the regulations are not only driving services to the "too big to fail" institutions, costing consumers more money but also forcing credit unions to merge rather than fight the regulatory battle.
* Maine *
The Maine Credit Union League is focused on educating lawmakers about the impact that regulations and laws have on credit union operations and, most importantly, our members. In an effort to drive the discussion on these and other issues, we have found face-to-face personal meetings with lawmakers to be very effective, especially those meetings that also include a local credit union representative. We have already met with leaders in the Maine House and Senate from both parties. In addition, we held a series of legislative breakfasts across the state and had nearly 175 legislators and credit union representatives participate in one of the breakfasts. The smaller, intimate settings facilitated some great discussion and strengthened relationships. At each meeting, we have outlined some of our priorities and highlighted in a step-by-step manner how each affects CUs and why it is important.
We have already noticed a significant increase in understanding among legislators on our issues, even among those that might not be as supportive, based on the questions and discussions that took place at the breakfasts and meetings with legislative leaders. Each legislator that attended also received an updated brochure with the latest statistics on Maine credit unions, and some of the initiatives, such as financial education and ending hunger, that credit unions are involved with in the state. Throughout the session, we will continue to coordinate job shadow opportunities between credit union representatives and legislators, and initiate meetings to discuss issues.
* Massachusetts/ New Hampshire/ Rhode Island *
The way that our credit unions bring their message to Capitol Hill will be very simple straight forward and direct. Consumers and small business owners are looking for financial institutions that put their needs first and credit unions have been doing that for more than a century. It's time for Congress to give us the opportunity to meet those needs more completely.
These conversations will be made easier by the relationships that have been built at home and the respect that our credit union officials and executives have earned over the years. This kind of groundwork clears the way for us to have a simple direct dialogue in Washington.
By doing that we can help our elected officials and their staffs understand that they should make these issues a priority because doing so they will earn the gratitude of their constituents and they can do this without the kind of time- consuming debate and deliberation that so many of the matters before them will command.
* Michigan *
At the state level, the Michigan Credit Union League this year will be focused on working with lawmakers on issues related to urban blight, foreclosure process reforms and tax treatment of foreclosed property, merchant surcharge fees, vehicle titling systems and loan fraud prevention, and recording process amendments. The central message on these topics is that credit unions and community institutions were never the bad actors that created the problems, and now need to be viewed and treated as part of the solution.
At the federal level, we will focus on protection of the credit union tax status, regulatory relief and reducing compliance complexity, as well as charter enhancements like supplemental capital and increasing the MBL cap, and defense of non-interest income opportunities. MCUL will also closely monitor any efforts at GSE reform. On these topics, we stress that credit unions are different than other institutions both in structure and in how we do business with our members, and thus we should not be subject to the same regulatory burdens. We will continue to emphasize that we did not cause the mortgage crisis or the financial meltdown. We feel that these efforts are showing signs of success as regulators, including the CFPB, are recognizing that credit unions and other community institutions should not be unduly burdened with regulations designed to curb bad practices that never existed in our industry.
* Minnesota *
Minnesota is taking the consumer message to the Capitol, and consumers are saying credit unions should not have to pay income taxes! That's according to more than half of respondents to a recent public opinion survey conducted by the Minnesota Credit Union Network.
This year, preserving the tax exemption is a top priority for Minnesota's credit union advocates. In meetings with legislators, Minnesota's credit union representatives will impress upon elected officials the importance of the tax-exempt status and how it allows credit unions, as nonprofits, to give back to their members in the form of lower rates and fewer fees. The term "not-for-profit" resonates with consumers. So does the fact that credit unions are locally-based financial institutions, and that by choosing a credit union, it helps their money stay local. Both are messages that also resonate with legislators as reasons to protect credit unions' tax-exemption.
Financial literacy is another issue that Minnesota credit unions are committed to promoting and developing. Three credit unions in the state have recently opened student-run branches in ongoing efforts to augment high school curriculum and teach youth better personal finance habits. Other topics Minnesota credit unions will be focusing on at the federal level include ways to reduce the regulatory burden for credit unions and promoting charter enhancements such as member business lending and supplemental capital legislation.
* Missouri *
There are several legislative issues of concern for credit unions and their members in Missouri. Lawmakers are considering all options to deal with federal budgetary challenges, and it's important to protect the credit union tax status-reinforcing why credit unions' tax status exists and demonstrating how it helps working families in our communities. Understanding that a tax on credit unions is a tax on working families cannot be forgotten. Another concern is regulatory relief. There are issues that lawmakers can work on directly to provide regulatory relief, including privacy notification and member business lending. This is common-sense legislation that would provide immediate results. Another strategy is to inform and work with members of Congress to address these concerns within regulatory agencies, such as NCUA and CFPB. Making the issues real to lawmakers is most effective in these efforts, by putting a human face on problems, challenges and the need for solutions. We have heard directly from members of Congress that credit unions' greatest strength and strongest message comes from the PEOPLE we help, each and every day. Our strategy is to deliver that personal message to Capitol Hill with each contact. Highlighting the people we help, how we serve people, the many ways credit unions are making a difference, and how legislation (or lack of legislative action) affects consumers. Bringing it back to the people at home is the best way to communicate credit unions' difference, our relevance and the reason credit unions exist.
* Montana *
Montana We will focus on the importance of preserving credit unions' tax-exempt status. As cooperatives, credit unions are the only financial provider in the marketplace that always keeps their focus on the end-user. Consumers deserve the right to choose a not-for-profit financial institution where they have a voice. Studies have shown that the public good of a credit union is about 10 times greater than the tax revenue generated. That's an amazing return to our lawmakers' constituents and communities-and is a message that resonates.
To support continuing credit unions' tax treatment, we will share stories from the field-VITA sites supported by more than half of our credit unions, matched savings accounts for education expenses offered by one third of our credit unions, financial education and counseling available through any credit union. All of these no-cost services exemplify credit union ideals of "people helping people" and promoting thrift.
We will also be talking with Montana's lone Congressman Steve Daines about the three credit union bills that have been introduced in the House this session and how they impact Montana's credit unions.
* Nebraska *
When meeting with lawmakers this year, Nebraska credit union advocates will focus on several key issues including the value of credit unions to their members and their communities, the need for significant regulatory relief, and how credit unions can be part of the solution when it comes to improving the economy for American families. The most effective strategy in communicating our message to lawmakers is in telling our story and providing concrete examples of how credit unions improve the financial well being of their members every day and providing specific examples of regulation that impede credit unions from serving their members needs.
* New Jersey *
The issue we're focused on first and foremost is retention of the current tax exemption. We think that's important given the debate on tax and spending that's going on in Washington right now. That'd be followed by some regulatory relief and then charter enhancements, including member business lending reform and access to supplemental capital.
We like to speak face-to-face with members of the delegation. They are familiar with the credit union community in New Jersey, with the value that we bring to consumers, and we believe most, if not all of them, support that tax exemption. We've had great success with members of the House delegation, including their cosponsorship to member business lending reform, because they recognize that that's a source for additional small business lending capacity, and that's one of the ways we can get the economy kick-started.
* New Mexico *
The Credit Union Association of New Mexico is keeping an eye on a bill we introduced, SB 347, Access Device Data Act, designed to reduce the ever-increasing number of costly security breaches in New Mexico, as well as other cost-saving pro-credit union, pro-consumer legislation.
A face-to-face approach works well. To make our credit unions and legislators aware of these issues and the impact credit unions have on our state, we host a Legislature Day in the capital during the session. The day includes presentations by a number of speakers, including our lawmakers, and a reception so that credit union people can meet their legislators and tell them about their concerns. The event has been well-attended and highly successful and we find that our legislators are more aware of credit unions.
We also encourage our credit unions to visit our state Capitol and meet their legislators. It means a lot to the lawmakers when someone from their own district takes the time and effort to go to their office, more so than a credit union association employee.
On a national level, we host similar events with our members of Congress. When they are back in their districts, we have hosted district meet and greets and town halls, giving lawmakers time to talk about what they're working on and allowing the audience of credit union representatives to ask questions. We also encourage our credit unions to go to Washington for Hike the Hill and urge them to answer our calls to action.
* New York *
New York's credit unions were very active and successful in advocating for member business lending and supplemental capital during the last Congress. With the continued high demand for small business loans and an ever increasing need for supplemental capital to ensure credit unions can serve their members as they do today we will focus on these two very important issues. Our Congressional delegation was one of the strongest in the nation in demonstrating their support for these issues as bill sponsors and vocal advocates. We will use the legislative visits during the GAC to continue this momentum, confirm past support and garner new support.
* North Carolina *
With lawmakers in Washington and Raleigh signaling that tax reform is high on their agenda this year, preserving the federal and state corporate tax exemption is the number one legislative priority for credit unions in North Carolina in 2013. While the legislative path remains unclear on both the state and federal level with regard to tax reform, credit unions must nonetheless make a strong case for why they should remain exempted from corporate taxes.
The league has been in close contact with North Carolina credit unions on this issue this year, and we have encouraged credit unions to redouble their efforts in communicating their structure, purpose and value proposition with staff and members. At the same time, League staff has met with key lawmakers in the North Carolina General Assembly in an effort to share why credit unions are exempted from corporate taxes, and why it is critical that credit unions not be taxed in the future.
We look forward to sharing the same message with lawmakers in Washington during the CUNA Governmental Affairs Conference. With lawmakers signaling that "all options are on the table" when it comes to tax reform, it is vital that credit unions continue to communicate the value of their unique structure and purpose with lawmakers, CU employees and members.
* North Dakota/South Dakota *
Credit union legislative advocacy, fundraising, grassroots efforts and relationships with legislators have all increased and improved in the Dakotas over the last few years. Additionally, Credit Union Public Relations and awareness efforts have increased, especially with our "CU on the Road Campaign." These efforts have not gone unnoticed by banking associations in the Dakotas who take every opportunity to discuss the credit union tax exemption with legislators and in the media. CUs are becoming more relevant, which has drawn bank attention and although there are rumblings of tax bills being introduced, none have been introduced.
In North Dakota, since legislators meet every other year and since no more bills can be introduced during this session, there is no threat of a tax bill until the Jan 2015. However, the tax exemption issue always at the forefront during legislative visits.
In South Dakota, independent community banks tried to introduce a bill that would include credit unions in the bank franchise fee taxation program, but we defeated that effort before it even was drafted and explained to legislators that with no state chartered credit unions any such tax would not be valid. However, we do anticipate every session that the bankers will continue to look to find some unique way to tax credit unions, so we remain vigilant but highly skeptical of their chances of success. In the 2013 session no more bills can be introduced and no tax bill has been brought forward.
* Ohio *
Ohio will have both defensive and offensive priorities in 2013. Ohio credit union officials will vigorously defend our federal tax-exempt status and protect against the onslaught of burdensome regulations from the NCUA and the CFPB. Offensively, we will enthusiastically fight to raise the cap on member business lending and for the advancement of legislation providing alternative capital options for credit unions.
The messaging behind our tax protection argument will focus on the following point: While the credit union tax expenditure "costs" the federal government an average of $1 billion annually, consumers benefit to the tune of $10 billion annually because credit unions are tax-exempt. We will drive this point home with Ohio data, and shore up the argument with real-life stories of how credit unions are positively impacting members' lives in each congressional district.
Our regulatory relief message is simple: Get government regulators off our backs and allow us to focus our energy on what really matters...serving our members. NCUA and the CFPB should concern themselves with one thing-safety and soundness. Period.
We will also be selectively opposing bank legislation in 2013, building upon our success in helping to stop the banks from securing their TAG legislation in December. Ohio credit unions are tired of banks acting as if they have veto power over legislation that will help CUs better serve their members. Our clout will grow among legislators when banks recognize we are willing to use our advocacy powers in pursuit of credit union legislative victories, as well as the defeat of the banking agenda.
* Oregon/ Washington *
First and foremost, the Northwest CU Association will be talking about the value of the credit union charter and the important role credit unions play in our local communities. Credit unions played a vital role supporting their members and small businesses during the recession and because of that, consumers have voted with their feet to join credit unions. Northwest credit unions are stronger than ever. We will discuss the significant regulatory burden credit unions face, despite not causing the financial burden and the unintended consequences those regulations are having on the consumer. Finally, the federal credit union charter needs to support credit unions as they grow and evolve. We will be advocating that Congress support two critical enhancements to our charter-increasing the member business lending cap and allowing credit unions to issue supplemental forms of capital and count it towards net worth. As always, we look forward to joining thousands of our colleagues from across the country to share the credit union difference with Members of Congress.
* Pennsylvania *
Due to the 2010 census, Pennsylvania experienced the loss of a Congressional seat in the 2012 election, leaving the state with 18 seats. Following the election, Pennsylvania had three new representatives (Matt Cartwright, Scott Perry, and Keith Rothfus) elected to the U.S. House of Representatives and no changes in the U.S. Senate. Prior to the elections, the Pennsylvania Credit Union Association and its credit union leaders were able to lay groundwork through the Congressional campaigns to educate the new representatives about what credit unions are philosophically and apprise them all of the benefits they bring to members-their constituents. The PCUA also worked with the campaigns of those running for re-election to continue dialogue and relationship building.
PCUA insures that our lawmakers regularly meet with local credit union officials to have them tell their credit union's accomplishments. Every credit union has a unique story and can recite the many ways they benefit the lives of their members.
Pennsylvania's U.S. Senator Pat Toomey serves on the Senate Banking, Housing and Urban Affairs Committee and its subcommittees: Financial Institutions and Consumer Protection; Housing, Transportation and Community Development; and Securities, Insurance and Investment.
On the House side, Rep. Mike Fitzpatrick is a member of the House Committee on Financial Services, a key committee for credit unions. In addition, Pennsylvania has three representatives on the House Committee on Ways and Means: Representatives Jim Gerlach, Mike Kelly and Allyson Schwartz, a key committee for tax oversight.
Our Association, along with select credit union leaders in their respective districts, maintains strong relationships with all lawmakers in Pennsylvania's delegation.
* South Carolina *
Palmetto State credit unions remain focused on the perpetual top priority-maintaining our tax exemption-while working toward relief from regulatory stress imposed by the Dodd-Frank Act and the potential ramifications of rulemaking by the Consumer Financial Protection Bureau (CFPB). Many will pay close attention to housing finance reform and preserving their access to options many members require. Each of these can have far-reaching impact on credit unions' long-term success and viability.
Most effective in establishing our positions is a blend of conceptual and material support. Clear explanation of an existing condition or anticipated result is reinforced by actual experience and vice versa, just as assertion of credit unions' strong grassroots is proven by real membership data through Project Zip Code. When we have credit union advocates ready to share details from their own operations, there is application. When they offer examples of members who have felt the restriction or benefit of legislative and regulatory action, there is impact. We have long depended on our proud, vocal advocates to share the credit union story and will do so again in 2013.
* Texas *
Texas credit unions are looking forward to returning to Capitol Hill during the upcoming GAC. With seven new members of congress and one new senator, a big part of the message will be educating the new members and their staff on the "Credit Union Difference" and the important role of credit unions on the Texas economy.
Too often credit unions take for granted the uncommonly noble services they provide their members. Texas credit unions will be promoting their uniqueness by giving examples of the positive impact they have on their members' lives, like: the loans they rewrite to help families cope during a job loss; how they provide funeral loans for members regardless of their credit score; or how they help with loan consolidation for the member's benefit, even if it's not a financial benefit for the credit union in the short-run.
Credit unions everywhere perform similar good deeds because they live the philosophy of "people helping people." Now is the time for us to advocate to our elected officials the real story of the Credit Union Difference. It's far more than merely being tax exempt and member owned, and it differs dramatically from the way other financial institutions deal with their customers.
In addition, Texas credit unions will be speaking with their lawmakers about the issues that CUNA is working on in conjunction with leagues. Those include: reducing the regulatory burden; streamlining privacy notifications; protecting credit unions' place in the housing finance market; enabling net worth to include supplemental forms of capital; and enacting the Small Business Jobs Act.
* Utah *
We will be discussing the same issues that all of the other states will be discussing. An important goal we have is building the relationships between Utah CU presidents and federal representatives and their staffers. We believe that if the relationship is right, the message will naturally follow.
* Vermont *
The underlying message to our Legislators, as always, continues to be how Vermont credit unions are member focused and driven by the needs of consumers rather than the needs of stockholders. They already understand this, but we continuously reinforce it just the same in order for it to be at the forefront on every financial services issue they consider. Beyond that, we specifically continue to reinforce the need for credit union member business lending to be expanded to meet the continually growing demand by members. Vermont credit unions continue to tell us stories about small business owning members either unable to acquire reasonable financing elsewhere or, who have had bad experiences from other traditional business lenders. Vermont legislators continue to place priorities on greater support for small business and the need for more jobs. The two are a natural result of greater credit union small business lending authority. Lastly, Vermont legislators are also increasingly aware of the need for greater consumer financial literacy, for which credit unions put forth many efforts in a variety of ways throughout the year.
* West Virginia *
The most effective message when visiting our West Virginia delegation will be to demonstrate that credit unions have been good financial stewards while making a positive impact on the financial well being of the lawmaker's constituents-many of whom have struggled in this economy. The more we can show that credit unions champion people over profits, the greater chance we have at shaping legislation down the road. Lawmakers and their staff expect the usual talking points, which are necessary in communicating our legislative priorities. However, sharing actual stories and backing it up with numbers that demonstrate that credit unions are carrying out their mission, are most effective. We must always remind them in local terms, who credit unions are, where they came from in terms of their humble beginnings, and where they are headed in an increasingly complex financial world.
* Wisconsin *
The Wisconsin Credit Union League created the first-of-its kind Scorecard for Wisconsin Credit Unions. This annual report details credit unions' sizable economic impact and unwavering commitment to social responsibility and is shared with legislators, staff, credit union members and local media.
The league's Scorecard shows that credit unions saved Wisconsin consumers nearly $1 billion dollars since the start of the recession! In 2012, Wisconsin credit unions led the state in financial education by operating over 100 in-school branches, presenting to 34,000 consumers to increase their financial knowledge, delivering 41,330 copies of the "brass/Student" personal finance magazine to help 382 educators teach money management. The Scorecard highlights that credit unions operate 40% of all the financial institution branches in low-income areas, providing $44 million in savings for lower-income consumers, despite holding just 19% of assets in Wisconsin financial institutions.
It is through conversations guided by the Scorecard, that the value proposition credit unions provide becomes crystal clear. Credit Union Activists can also utilize the Scorecard to easily demonstrate the real need for regulatory relief and illustrate how credit unions earn their tax status every day.
*Alaska *
Representatives from Alaska's Credit Unions will focus primarily on member business lending, housing finance reform and the value that credit union's bring to Alaskans. We believe the CU Small Business Jobs Creation bill can create opportunity for Alaskan small businesses, and that housing finance reform done poorly could have a profoundly detrimental on credit unions and on consumer choice for mortgages. Finally, we will continue highlighting the value that Alaskan credit unions bring to Alaskans so our Senators and Congressman remain aware of the value of the credit union tax exemption.
