MADISON, Wis. (6/11/13)--As credit unions Unite for Good to help American consumers understand the value of credit unions, the Credit Union National Association continues to help credit unions attract media coverage nationwide.
Credit unions are bustling with news, Paul Gentile, CUNA executive vice president for strategic communications and engagement, wrote in an opinion editorial article, "Don't Look Now, But Credit Unions Have Gone Mainstream. Are We Ready?" It appeared Monday on CUinsight.com.
"From intriguing stats and regulatory developments, to extraordinary advocacy campaigns and new technology, there is no shortage of important story lines. One storyline that overshadows them all is the very real opportunity for the credit union system to experience significant growth," Gentile wrote.
He said credit unions are living up to the storyline of being the white hats that do good things and deliver a great product, but must continue to advance to capitalize on the opportunities. (Use the resource link to read the entire article.)
Among other recent media spots credit unions have captured:
- Ryan Donovan, CUNA senior vice president legislative affairs, described how credit unions are fighting to preserve their tax exemption in the June 6 edition of the The Hill. CUNA is launching a grassroots campaign, Don't Tax My Credit Union!, imploring credit union members to tell Congress not to tinker with the industry's exemption.
- On May 30 RStreet.com highlighted CUNA's Don't Tax My Credit Union! campaign, describing how credit unions are lobbying their 96 million members nationwide to fight lobbying efforts by banks. Credit union members enjoyed $6 billion of benefits in 2012, while the moderating impact of credit union competition benefited bank customers by roughly $2 billion, according to CUNA. For every $1 in new credit union taxes, the government wipes out $10 in credit union benefits.
- CUNA was among the national trade groups that plan to send representatives to a cross-industry meeting hosted by the National Retail Federation to discuss patent reform, The Hill reported June 6. Once considered a pet issue for tech firms, changing patent laws has become a priority for financial service providers, retailers, restaurant owners, hoteliers and others who are concerned about the spread of frivolous patent lawsuits.
- CUNA concerns over the Consumer Financial Protection Bureau's proposed changes to mortgage servicing rules, were the topic of a June 6 BankCreditNews.com article. The CFPB recently proposed amendments to the small servicer exemption under Regulation X, the Real Estate Settlement Procedure Act, qualified mortgage rule and Truth in Lending Act. CUNA is concerned about several measures in the proposal that would exempt credit union servicers based on the number of loans they actually service but would disqualify them from the exemption if they use a third-party subservicer to service just one of the loans, if the third party services more than 5,000 loans, Mary Dunn, CUNA senior vice president and deputy general council, told the publication.
- Mid-Michigan's credit unions and their thousands of members are going head to head in the fourth annual Caring Community Credit Unions campaign, ABC 12 reported June 3. Thirteen credit unions and close to 100 branches are participating.
- Credit unions are pushing back at tightened mortgage rules for marginal buyers, fearing it will make them targets for bank regulators and plaintiffs' attorneys in cases of default, The Seattle Times reported May 31. While new rules from the Consumer Financial Protection Bureau (CFPB) aim to ensure financial institutions verify borrowers' ability to pay to as part of efforts to battle mortgage abuses that caused the financial crisis, credit unions remain dedicated to serving their members, Diana Dykstra, president and chief executive of the California and Nevada Credit Union Leagues, told the publication.