The Nebraska Credit Union League hosted its annual advocacy event “Hike the Hill” on September 9-11th in Washington D.C. During the hike, credit union advocates from each of Nebraska’s congressional districts went to Capitol Hill to meet with Nebraska’s Congressional Delegation and their staff. Additionally, advocates visited the Consumer Financial Protection Bureau (CFPB).
The credit union representatives included Frank Wilber, President/CEO of Liberty First Credit Union (1st Congressional District); Steve Swanstrom, President/CEO of Centris Federal Credit Union (2nd Congressional District); and Dee Schriner, President/CEO of Trius Federal Credit Union (3rd Congressional District). During the visits with lawmakers, the advocates focused on several key issues to protect including 1) the credit union federal tax exemption; 2) credit card interchange fees; 3) member services including overdraft protection programs. They also asked for flexibility for credit union boards of directors to schedule 6-12 meetings annually, as well as flexibility for the NCUA to extend loan maturities.
During their visit with the CFPB, advocates urged the bureau to consider the impact that its regulations have on Nebraska’s credit unions and their members. Specifically, they voiced their concern that over-regulating overdraft protection programs would hurt low-income members and that capping credit card late fees to $8 would make credit less available to members that need it the most. They also voiced concern that eliminating the disclosure of medical debts on credit bureau reports could threaten safety and soundness, as well as, place financially vulnerable members in jeopardy of not being able to meet their financial obligations.
Dee Schriner, Trius FCU; Scott Sullivan, NCUL; Frank Wilber, Liberty First CU; Steve Swanstrom, Centris FCU; Brandon Luetkenhaus, NCUL.
