Full steam ahead — that's our call to arms at CUNA these days. There is simply too much to do; too many opportunities to advance the cause of credit unions for anyone to rest. It is an approach to work and life that Bill Cheney instilled in each of us in Madison and Washington as we work for the best interests of our members and the nearly 100 million people they serve.
Bill Cheney left CUNA in great condition, both in Washington and Madison, when he returned to California to become CEO of SchoolsFirst Federal Credit Union just a few weeks ago. And now, as I've told the staff, it is up to each of us to keep moving forward — full steam ahead — for credit unions.
The entire CUNA team is committed to building on our recent accomplishments as we look for new victories and other ways to advance the cause.
One area that continues to draw much focus and effort is NCUA's risk-based capital (RBC) proposal. There's been an outpouring of reaction and interest, with more than 2,050 comments submitted to the agency. We're proud to count among those who support our point of view 324 members of the House of Representatives, a number of senators, former Senate Banking Committee Chairman Alfonse D'Amato and former Speaker Newt Gingrich. A group allied with the U.S. Chamber of Commerce also weighed in on our behalf, commending the way credit unions manage risk.
Now the NCUA listening sessions have started, CUNA staff is working hard to ensure a full airing of the concerns we and credit unions have about the RBC proposal. We are also actively engaging with NCUA board members and staff to discuss how to move the RBC issue forward in a way that satisfies their concerns but doesn't harm consumers and the credit unions, as the proposal in its current form would.
Also percolating at NCUA is a field of membership proposal that CUNA's regulatory staff is scrutinizing carefully to ensure that access to credit union membership isn't diluted in any way. We'll be actively engaged and reporting on this.
On Capitol Hill, a number of bills are moving through the House and Senate that will benefit consumers as credit unions seek regulatory relief and clarity from agencies like the Consumer Financial Protection Bureau (CFPB). As the summer and campaign seasons heat up, our legislative staff is on deck to move credit union priorities forward. Summer, especially before an election, is a time when many pending bills on individual issues are consolidated in larger policy proposals — you can be sure we'll be on the lookout for any opportunity to break down as many barriers to credit unions as possible.
Over in the Senate, we've heard that tax reform legislation may be reviewed by the Finance Committee later this summer. There is no indication that the credit union tax exemption is being considered, but we must and will keep an eye out for mischief from the other side. The Don't Tax My Credit Union campaign was a massive success the last time around, and we're ready to activate at a moment's notice.
In the programs and services area, the staff in Madison are doing a great job. Our focus continues to be designing and delivering programs that meet the needs of credit union staff and directors. We are thankful for the support and loyalty of so many credit unions by participating in these programs offered by our great team. These events also help to bring us and credit unions together to compare notes on current issues and develop strategies for the future.
This week at the America's Credit Union Conference, we'll begin celebrating the significant milestone of credit unions reaching 100 million memberships later this summer. We are launching a new consumer website with social media tools meant to encourage as many credit union members as possible to get involved in marking this historic milestone in our history.
One hundred million members. I can't help but wonder how proud our pioneers Mr. Filene, Mr. Bergergren, and Mr. Desjardins would be of what's been accomplished.
Honoring their legacy is one of the reasons CUNA in 2013 adopted a shared strategic vision for the credit union movement: Americans choose credit unions as their best financial partner. Under our rallying cry "Unite for Good," this effort offers all of us the opportunity to connect all of our good work together toward a common vision. Whether it is at a credit union, a league, or CUNA, the vision offers the chance to see how our individual effort fits together in important and strategic ways to expand the movement and have more consumers choose a credit union to be their best financial partner.
At CUNA, we are focused intently on the campaign's three objectives — removing barriers, fostering service excellence, and creating awareness.
Our goal as the CUNA staff is to present our next CEO with a solid foundation to take credit unions and CUNA to the next level. We're on our way — Full Steam Ahead!
Bill Hampel is interim president and CEO of CUNA.
