Page 18 - MCUL: Contact Magazine - Q4 2019

HIKE THE HILL/LEGISLATIVE FORECAST

A 2020 LEGISLATIVE FORECAST FROM THE HILL

By Kieran Marion

This October marked another successful trip to Washington, D.C., for the annual Michigan Credit Union League (MCUL)
Hike the Hill. The League’s team was joined this year by approximately 50 credit union leaders, ready to build relationships
with federal policy makers and tell our story. With each legislator and staff member, we discussed the issues that are
currently top of mind for the Michigan credit union community and will remain so in 2020. Take a moment to read through
each meeting recap to see where our lawmakers stand on our priorities.

U.S. Rep. Elissa Slotkin (D-Holly)
MCUL and credit union attendees kicked off Capitol Hill meetings with a visit to the
office of U.S. Rep. Elissa Slotkin. Meeting with her aide, Elliot DeGroot, the group
discussed the credit union difference, activities in support of United Auto Workers
(UAW) union members during their strike against General Motors at that time, and
the credit union not-for-profit tax status. Slotkin continues to be a supporter of a
federal solution on data security and breach notification, recognizing it as both a
consumer issue as well as a homeland security problem. The group thanked them
for co-sponsorship and front support of the Secure and Fair Enforcement (SAFE)
Banking Act of 2019 (H.R. 1595) to provide a safe harbor for financial institutions
offering financial services to cannabis-related businesses in states that have legal-
ized the activity. The group also discussed BSA/AML reform, reflecting on the effort
as the first attempt to modernize the act in decades. As a freshman member of the
delegation, Slotkin continues to be an early and strong supporter of credit unions
and our issues.

NCUA Board Chairman Rodney Hood
While on the Hill, the League met with the National Credit Union Administration
(NCUA), including its board chairman, Rodney Hood. A number of key issues, such
as NCUA’s efforts with the Financial Accounting Standards Board (FASB) regarding
Current Expected Credit Losses (CECL) and its impact on credit unions, were dis-
cussed. Also brought up were Hood’s initiatives in support for credit unions in rural
areas, as well as small credit unions and potential rulemaking for credit union bank
acquisitions, which will provide greater transparency and clearly define the process.
The chairman was very enthusiastic and appreciated the robust discussion. He will
be visiting each state and is looking forward to meeting with credit unions.

U.S. Rep. Rashida Tlaib (D-Detroit)
MCUL met with Chastity Murphy, banking legislative assistant for U.S. Rep. Rashida
Tlaib. Advocates asked that Murphy pass along our thanks to the congresswoman for
her recent vote in favor of the SAFE Banking Act of 2019. The group discussed the
credit union difference and not-for-profit tax status, and Murphy reaffirmed Tlaib’s
support for credit unions. The group also engaged Murphy on legislation involving
robocalls, CECL, federal credit union act modernization, BSA/AML reform and data
security/privacy. Despite several scheduling conflicts, the congresswoman was able
to join the group for the latter part of their meeting.

18 FOURTH QUARTER 2019 I CONTACT

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