By Michael Fryzel
There are different and countless reasons why individuals need to not only vote in the primaries and general elections this year but also to be active participants. Both the Democrat and Republican parties have contested primaries for the office of President and the eventual winner will, as all Presidents do, impact everyone’s life for years to come.
Although considered the presumptive nominee for the Democrats, Hillary Clinton is experiencing a tough challenge from Vermont Senator Bernie Sanders in the early primary states of Iowa and New Hampshire. Victories in both states by Sanders would give Clinton supporters cause for concern. Hardcore Clintonites will argue that Sander’s strength is limited to those two states and that he will quickly fade as the primaries move to the South. Joe Biden reportedly is now wishing he never said never.
On the Republican side everyone still is marveling at the staying power of Donald Trump despite numerous politically incorrect statements. Ted Cruz is Donald’s most serious threat in the first two primaries, with Marco Rubio supporters considering anything from a third place finish on up a solid victory. The balance of the candidates struggle to survive hoping the front runners will commit the fatal mistake that has yet to happen.
Although the first of the primaries are a few weeks away, every conceivable issue has already made its way into the debates. Foreign affairs, gun control, moral standards, immigration and even post offices as financial service centers have been topics of discussion. As such, every voter who has an issue of concern, more than likely has seen a position on that issue expressed by every candidate who remains in the field.
What The Election Means to Financial Services
Individuals in the financial services business, banks, credit unions, short-term loan lenders and other money business institutions, should have a pretty good idea which candidates would be more favorable to significant changes that would be of benefit to their industry.
If a Democrat is elected, any changes to Dodd-Frank (DF) by a Republican Congress would most likely be vetoed. The Consumer Financial Protection Bureau (CFPB) would remain intact as-is and your local post office may be your new competition
If a Republican is elected, and the Republicans retain control of Congress, expect significant and major changes in DF and the CFPB. There will be a rollback in those laws and regulations considered necessary in 2008, but overreaching in today’s economic environment. And post offices will continue to deliver the mail.
So for those in the banking and credit union communities and all those who believe changes are needed, the only way to achieve what you believe is best for the financial services industry is not only to vote but also to be an active participant.
For credit unions that pride themselves on hiking the Hill, the time has come for them to walk the precincts. Only by knocking on doors and telling the story is the job going to get done. The opportunity is there to shape the future. Don’t let it pass.
Michael E. Fryzel is an attorney and advisor to the financial services industry with offices in Chicago, Illinois. He is a past Chairman and Board Member of the National Credit Union Administration. He can be reached at meflaw@aol.com.