WASHINGTON—With the presidential election approaching, NAFCU President and CEO Dan Berger has sent a letter to President Donald Trump and former Vice President Joe Biden in which he shared credit union priorities.
"Credit unions are fundamentally different than for-profit financial institutions, both in purpose and structure," wrote Berger. "As owners of cooperative financial institutions united by a common bond, all credit union members have an equal say in the operation of their credit union – ‘one member, one vote’ – regardless of the dollar amount they have on account."
In the letter, Berger highlighted that ensuring credit unions are able to grow and thrive is vital to the financial health of communities across the nation and noted key steps credit unions have taken to safely serve more than 121 million consumers amid the coronavirus pandemic.
Top Issues
Berger also shared NAFCU's 2020 advocacy priorities, outlining the top issues the trade group said are currently affecting credit unions, including:
- Growth. Berger called for support of legislation and regulation that helps credit unions grow membership, loans and retained earnings
- Fair and Innovative Market. Berger fought back against “meritless” banker attacks, promoting innovation and establishing regulatory standards for fintech and data security
- Regulatory Relief. Berger urged providing clear rules of the road and streamlining regulation that allows credit unions to put more resources towards serving members
- Strong NCUA. Berger stressed the need for NCUA to be the sole industry regulator and fostering a strong relationship with NCUA to ensure credit unions' voices and concerns are heard
- Tax Exemption. Berger said credit unions' federal tax exemption must be preserved in order to keep focus on members, not profits, and save U.S. consumers $16 billion annually
- Transparency: Berger called for government transparency and accountability to ensure taxpayers' and credit unions' dollars are used responsibly and rules are tailored appropriately
The letter was sent in conjunction with the start of the Democratic National Convention and upcoming Republican National Convention.