Legislative Priorities

Preserving the federal income tax exemption for credit unions continues to be our top priority. Credit unions’ member-owned, not-for-profit cooperative status allows the industry to fulfill its mission of prioritizing members over the bottom line. Removing this tax exemption would erode progress for more than 6 million people throughout the Carolinas.

The current interchange payment system benefits consumers, credit unions, and merchants. The Carolinas Credit Union League is working to prevent legislation aimed at changing credit interchange and to oppose the Federal Reserve’s proposal to lower the debit interchange cap.

Credit unions are the original consumer financial protectors. They have different requirements and rules than for-profit financial institutions. Regulatory changes should focus on commonsense efforts, fully consider the impact on all consumers, and be tailored to avoid being overly burdensome on credit unions. Consumers lose when their credit unions must divert resources to comply with regulations designed for big banks.

Credit unions invest heavily in cybersecurity to ensure the safety and security of their members’ personal financial information. The CCUL advocates for legislation that would establish a comprehensive federal data privacy and security standard. Credit unions already comply with the Gramm-Leach-Bliley Act (GLBA). Additional federal and state frameworks create unnecessary compliance burdens for credit unions and cause confusion for consumers about disclosures and the extent of their rights.

The Community Development Financial Institutions (CDFI) Fund is a vital Treasury Department program that promotes economic growth in low-income communities across the country. Through the CDFI Fund, credit unions can leverage federal dollars to provide loans and other financial services to small businesses and residents in economically distressed and underserved communities.

The CCUL is working to ensure that changes to the CDFI Fund’s application and recertification processes do not disadvantage credit unions. We are also advocating for appropriate annual appropriations for the CDFI Fund and urging Congress to exercise real oversight of its operations.

Credit union boards of directors are comprised of volunteers who govern and set the strategic direction for each credit union. Currently, these boards are required to meet monthly. The CCUL has worked tirelessly in support of legislation that would reduce that requirement to six meetings per year, giving boards the autonomy and flexibility to determine what works best for them and their credit unions.