Advocacy Team Provides Update at Annual Convention

Keeping credit unions connected, informed and top-of-mind is key to advancing the industry's agenda in Congress and with regulators.

Advocacy Session 2021Photo Credit: Jason Putsch Photography

MD|DC Credit Union Association CEO John Bratsakis, along with VP of Advocacy Rory Murray and consultant John McKechnie offered analysis of legislative and regulatory issues impacting credit unions.

On the federal level, the advocacy team is closely monitoring legislation to reduce or eliminate overdraft fees, along with efforts to expand the 36% Military Lending Act interest rate cap to all borrowers. The expansion of the Durbin Amendment interchange fees to include credit cards also has the potential to greatly impact credit unions.

The team is also closely watching the dynamics of the NCUA board. Republicans currently hold two seats on the board, with Chairman Harper as the only Democrat. This could force compromise on moderate policies and could limit the Chairman from pursuing some of the issues that he has been most vocal about, including climate change and strenghtening consumer protection.

At the CFPB, the fate of Chopra’s nomination to be the Bureau's Director is uncertain, but credit unions can expect a more aggressive posture in terms of enforcement. It's unclear when Mr. Chopra’s nomination will be voted on by the full Senate, however, Acting Director Uejio has a similar outlook on policy and enforcement so not much change is expected either way.

Results of the 2020 census make Maryland the most diverse state on the East Coast, fifth most diverse nationally. The Census results will help shape the redistricting process that is underway as the state redraws its Congressional districts for the next decade.