Compliance Blog

Written by Dan O'Brien, Director of Political Affairs

2016 has been an unprecedented election year for many reasons. So far, we have seen the first woman candidate of either political party win the Democratic presidential nomination in Secretary Hillary Clinton. Donald Trump, a first-time candidate and wealthy businessman, beat out 16 other candidates, many of whom were career politicians, to win the Republican presidential nomination.

There is a lot at stake for the credit union industry regardless of who is in charge of the White House. This election will have a significant impact for years to come on the legislative and regulatory issues that face our industry. The next president will likely have the opportunity to appoint three new board members to NCUA, a new director of the CFPB, and possibly oversee tax reform in Congress. Needless to say, this election is important for our industry.

The media has been focused on the presidential race but there is a lot at stake in Congress as well. The Senate could flip from a Republican majority to a Democratic majority with the Democrats only needing to pick up four seats if Hillary wins the White House of five seats if Donald Trump wins. The House of Representatives will likely remain in Republican control, but the make-up of the House is going to change and we expect at least 72 new members of Congress due to retirements, competitive races or members running for another office. With a divided government and Washington gridlock, it is important to build a credit union majority on any issue in order to make progress for our industry.

Any candidate running for office in 2016 should value the input they get from their local credit union. The credit union's members are the voters who will decide whether a candidate joins or returns to Congress in 2017. For that reason, it is critical that credit unions share their members' stories and their needs so that if elected, those individuals will be ready and committed to fighting for the best interests of their local community financial institutions.

The demands of the compliance community continue to increase day-by-day as federal regulators such as the CFPB and NCUA continue to finalize the plethora of regulations mandated by Dodd-Frank. NAFCU wants to be a resource to help your voice be heard, which is why we developed essential grassroots resources to make it easier for you to weigh in with your members of Congress and to be an advocate for the industry. The more they hear from you, their constituents, and the more attention they will pay to the ever increasing regulatory burdens on credit unions.

Please go to NAFCU's Grassroots Action Center today and contact your members of Congress, register to vote, or research where your member of Congress stands on credit union legislation.  Share your stories with your members of Congress about regulatory burdens and how they are impacting your credit union.  It will help NAFCU's lobbyists in their legislative efforts, strengthen our advocacy and show Congress that we are serious about enacting real relief for our nation's credit unions.

If you have any interest in learning more about NAFCU's grassroots and political advocacy efforts, you can email me directly at dobrien@nafcu.org.  Please remember to come join the fight for regulatory relief at NAFCU's 2016 Congressional Caucus from September 18-21 2016, in Washington, D.C. Click here to find out more!

Thanks in advance for your participation in the legislative and political process.

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Programming Note.  In recognition of Independence Day, NAFCU's offices will close early today at noon, and we will be closed on Monday, July 5. We'll reopen on Tuesday and be back to blogging on Wednesday. Have a safe and enjoyable holiday weekend!