WASHINGTON—Despite credit unions building a “reservoir of trust” with key members of Congress, the Defense Credit Union Council acknowledged the growing number of credit union sports sponsorships, mega-mergers and purchases of banks are having an impact on CU advocacy efforts on Capitol Hill.
“The banking lobby has been successful in terms of putting messages in front of Congress about credit union sports sponsorships, the growing size of credit union mergers, credit union purchases of banks, as well as regulatory missteps any credit union makes,” said Jason Stverak, DCUC chief advocacy officer. “When these things happen, bankers immediately send messages to members of Congress and their staff.”
However, while those messages can impact credit union advocacy efforts, the great deal of trust the CU movement has established with lawmakers often deflects bankers’ claims, Stverak said.
“Thankfully because of the incredible amount of advocacy that credit unions have done over a long period of time, there is a reservoir of trust between the members of Congress and their staff and credit unions,” Stverak said. “But we need to be continually educating members of Congress to help clear up any miscommunications that the banks may have helped disseminate across Capitol Hill…The more members of Congress hear from their credit unions back home, the stronger our argument is to protect the credit union tax status.”