Page 16 - Michigan Credit Union League: 2018 Contact Q1
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UNDER THE DOME
REGULATORY GRASSROOTS ADVOCACY
EVENTS
NCUA’s TCCUSF Closure
MCUL was an early and strong supporter of the NCUA’s Hike the Hill
move to close the Temporary Corporate Credit Union
Stabilization Fund (TCCUSF). In October, the NCUA Board More than 45 Michigan credit union leaders traveled
voted to close the TCCUSF. Barring some unforeseen to Washington, D.C. for MCUL’s annual advocacy event,
economic downturn, credit unions will receive a Share Hike the Hill. Representatives from every MCUL chapter
Insurance Fund Dividend in 2018 with the possibility of met with their members of Congress, including U.S.
more to come later. In May, MCUL, together with 113 Sens. Debbie Stabenow (D-Mich.) and Gary Peters
Michigan credit union CEOs, called upon the NCUA Board (D-Mich.). Participants also had the chance to meet
to merge the TCCUSF into the National Credit Union separately with policy staff from the CFPB and the NCUA.
Share Insurance Fund (NCUSIF). This success speaks
volumes to the power of the CUNA/League system. Federal legislative issues discussed during the Hill
visits included maintaining the credit union tax status,
MCUL’s Collaboration With the State Creditor’s Bar common sense regulatory relief and support for H.J.Res.
111, which repeals the CFPB’s arbitration rule. Also on
MCUL worked with the Michigan Creditor’s Bar Associa- the agenda was a discussion of data breaches — specif-
tion to submit a letter to the U.S. Supreme Court seeking ically the recent Equifax data breach and what Congress
for the amendments of MCR 2.625 and 3.101. The can do to help better protect sensitive financial data.
letter addressed recent amendments of MCL 600.4012,
seeking clarification of the authority and process for Additionally, U.S. Reps. Tim Walberg (R-Tipton) and John
recovering post-judgment costs, and to provide clearer Moolenaar (R-Midland) were the special guests for a
procedure for garnishment proceedings. The resulting Michigan credit union gathering at Credit Union House,
change in rules effectively eliminates litigation risk and the League coordinated a special visit to Speaker of
related to creditors charging post-judgment costs. the House Paul Ryan’s private balcony in the U.S. Capitol.
Equifax Data Breach and Lawsuit Lastly, several credit union (CU) leaders, along with
MCUL staff, were able to attend a number of fundraisers
MCUL, on behalf of Michigan credit unions, joined the for individual members of Michigan’s delegation while
class action lawsuit that CUNA filed against Equifax attending Hike the Hill in D.C.
after a data breach impacted more than 145 million
consumers in 2017. 2017 MCUL GAC
Compromised information in the Equifax breach MCUL’s 2017 Government Affairs Conference (GAC)
included consumers’ Social Security numbers, birth was attended by 95 credit union professionals, and
dates, addresses and driver’s license numbers. Credit 110 state lawmakers and policy staff.
unions were faced with long-term costs resulting from
the breach, including canceling and reissuing compro- Two new grassroots advocacy awards were introduced
mised credit and debit cards, reimbursing members this year: the Howard Spencer Grassroots Volunteer
for fraudulent charges, increasing fraud monitoring, Activist Award and the Lon Bone Grassroots Professional
mitigating identity theft, sustaining reputational harm Activist Award. Cheryl Sclater, a professional activist
and notifying consumers of potential fraudulent activity. from ELGA Credit Union, and Bernie Schmeltzer, a
volunteer from Awakon Credit Union, were chosen as
In order to help credit unions navigate the data breach’s the first recipients and accepted the awards at the GAC.
aftermath, MCUL put together a response kit that
included strategic guides and material for internal and Also at the conference, MCUL held a political panel
external communications. featuring former state representative and new Lansing
16 FIRST QUARTER 2018 I CONTACT
