Compliance Blog

Written by Dan O'Brien, Director of Political Affairs

Last month, the Trump Administration took over the White House and a new Congress was sworn in. With Republicans controlling the executive branch and both chambers of the legislative branch, there has been a lot of talk about regulatory relief for small financial institutions, roll back of the disastrous Dodd-Frank Act, and corporate tax reform. All of these initiatives are supposed to be considered within the first 100 days of the new Administration. This is a welcome but ambitious agenda, and should be followed closely, as the political climate is ever changing.

Congress is debating these important issues now and working on a way forward. In the coming weeks, we expect Chairman Jeb Hensarling (R-TX) of the House Financial Services Committee to reintroduce the 2017 version of the Financial CHOICE Act. The legislation is expected to contain some key provisions that are part of NAFCU's 2017 legislative & regulatory priorities, including the repeal of the failed Durbin Amendment.  The credit union industry must remain united in our message to Congress on the need to provide meaningful regulatory relief.

The demands shouldered by compliance community continue to increase day-by-day as federal regulators, such as the CFPB and NCUA, continue to finalize a plethora of regulations mandated by the Dodd-Frank Act. While this may abate slightly with the Trump Administration, any substantive relief from is going to require Congress passing legislation. 

You can have an impact on the legislative process by participating in grassroots advocacy, ensuring the collective voice of the credit union industry is heard.  We need compliance experts to share their invaluable first hand knowledge about the unnecessary burdens over-regulation is placing on credit unions. The testimonials and insight you provide to your members of Congress are critical in helping shape the policy decisions being made on Capitol Hill.

NAFCU wants to be a resource to help your voice be heard, which is why have created the necessary grassroots advocacy resources to make it easier for you to weigh in with your members of Congress. The contacts you make with your legislators will have a real influence this Congress in shaping the policy that will ultimately impact your work and the credit union industry as a whole.

Please go to NAFCU's Grassroots Action Center to contact your members of Congress today. It will help NAFCU's lobbyists in their legislative efforts, strengthen our federal advocacy message on Capitol Hill and show Congress that we are serious about enacting real relief for our nation's credit unions.

There are four key ways to get engaged with your lawmakers:

1. Arrange a personal visit to your credit union. Schedule a time when your Representative or Senators can visit your facility, meet your staff and say hello to your members. Use this meeting as an opportunity to let them know about the unique way in which you serve your members who are the lawmaker's constituents.
2. Many members of Congress hold town hall meetings or roundtable discussions to hear directly from their constituents. Participating in these events are great opportunities for you and your credit union members to discuss key legislative issues and to express the need for regulatory relief.
3. Write your members of Congress and urge them to support key legislative efforts. This is something you can do all year long as issues develop. NAFCU's Grassroots Action Center has made it easier than ever for you to reach your lawmakers at any time.
4. A lot of lawmakers are active on social media and like to virtually engage with their constituents. Follow them on Twitter and like them on Facebook. Engage with your lawmakers by tweeting them or by leaving comments on their Facebook page.

All of these are great opportunities for your credit union to build a lasting relationship with your elected officials, providing your knowledge and expertise on the credit union industry and the issues we face.

To learn more about getting involved in NAFCU's grassroots and political advocacy efforts, you can email me directly at dobrien@nafcu.org. Please remember to come be an advocate in Washington, D.C., at NAFCU's 2017 Congressional Caucus from September 10-13, 2017, click here to find out more!

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Programming Note. NAFCU will close at noon today and remain closed on Monday in observance of President's Day. We'll be back to blogging on Wednesday.

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