WASHINGTON–Were it not for the COVID-19 pandemic, credit unions would be making their biggest in-person splash of the year in Washington this week for CUNA’s GAC, with more than 3,500 CU representatives in attendance. So, what does the absence of so many CU advocates on the Hill really mean?
According to an executive with a rival trade group—who says she enjoys the excitement GAC brings—there are advantages to both in-person meetings and the virtual lobbying that has taken place over the past year.
“There is a big difference between an in-person event and meeting virtually,” said Carrie Hunt, NAFCU EVP and general counsel. “But virtual meetings do have their benefits.”
Among those benefits, said Hunt, is the ability to schedule far more meetings with members of Congress, and to schedule meetings with members in multiple parts of the country. Hunt said NAFCU has had some very good meetings virtually at which its priorities were discussed.
“But I will say there is something to be said for the in-person meetings,” she added. “You can really create good communication in person. There is the joking and even the heated arguments that sometimes takes place.”
As for the issues that are getting traction during meetings, Hunt said the agenda remains largely dominated by COVID-19 and pandemic-related issues and what needs to be done to get the country out of the crisis. Many of the most recent meetings, observed Hunt, have been related to the new administration and the direction it is taking.
“In all meetings we talk about what credit unions do well, and that is helping members,” said Hunt. “We talk about what Congress can do to build on that.”
The Uncertainty
On a different issue, when asked why the senior CU executives in NAFCU’s most recent CU Sentiment Index survey had turned optimistic, except when it comes to regulatory burden, Hunt said she believes it’s due to all the “uncertainty” taking place at both the CFPB and NCUA.
At the CFPB, the person nominated to lead the Bureau has indicated it will be much more aggressive in enforcement. At NCUA, there is a new chairman, Todd Harper. In both cases, the nominees are Democrats named by the new administration, and follow Republicans who largely pushed a deregulatory approach under the Trump administration.
“It’s the fear of the unknown,” said Hunt.