Credit unions must get to know key officials in their respective states, a member of the Illinois state legislature advised NASCUS' member CUs.
Rep. Frank Mautino, who represents the 76th district in the Illinois General Assembly, told the audience: "As financial markets change, it is important for credit unions to develop a relationship with the governor and the chair of the department of financial institutions in their states so they don't see them only in a crisis."
Mautino is a member of the National Conference of State Legislatures, and is the chair of the NCSL's Standing Committee on Financial Services. He said CUs play a key role in helping people join the financial mainstream. "I am proud to have worked with credit unions during my time as chair."
Mautino is a strong supporter of state regulation versus federal regulation. He said the NCSL believes "those who regulate closely, regulate best. It is critical to educate those who set policy that state regulation is good," he declared.
As for federal preemption, Mautino said many of the issues will be initiated by consumer groups.
