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CU System
Minn. N.Y. leagues update state committees on CUs
ST. PAUL, Minn. and ALBANY, N.Y. (2/4/11)--Minnesota and New York credit union leagues have been busy educating their state lawmakers on the role of credit unions within the financial services industry.
Click to view larger image Minnesota Credit Union Network President/CEO Mark D. Cummins and Vice President of Governmental Affairs Mara Humphrey spoke on the credit union difference at a State Senate hearing on Feb. 2. (Photo provided by Minnesota Credit Union Network)
Representatives from the Minnesota Credit Union Network (MnCUN) spoke Wednesday at an informational hearing for the State Senate Commerce & Consumer Protection Committee, providing an industry overview for local lawmakers. Sixty freshmen legislators were elected to the Minnesota Legislature in November. The newcomers comprise seven of 14 seats on the State Commerce Committee. MnCUN’s President/CEO Mark D. Cummins and Vice President of Governmental Affairs Mara Humphrey spoke about the credit union difference, regulatory structure and current economic trends. Cummins and Humphrey also discussed the National Credit Union Administration and the National Credit Union Share Insurance Fund. The MnCUN representatives spoke about specific state issues, future challenges for the industry and the current regulatory environment. Among the regulatory topics addressed were the Dodd-Frank Regulatory Reform Bill, the Consumer Financial Protection Bureau and the Federal Reserve’s proposed rule on interchange fees. “We understand that the future success and viability of the credit union movement is very much in the hands of our elected officials--both here at the State Capitol and in Washington, D.C.,” Humphrey said. “The more education, information and feedback we can provide to both new and veteran legislators, the more impact we can have in the long-term.” Across the country, representatives from the Credit Union Association of New York and several credit union leaders from the Utica-Rome, N.Y., area visited the Utica offices of Sen. Joseph A. Griffo (R-Utica/Rome), the new chairman of the New York State Senate Banks Committee. In his new position, Griffo will be instrumental in shaping the legislative environment for the state’s credit unions and other financial institutions. While visiting the senator, the group discussed the role of credit unions in the financial services industry and the benefits they provide members and their communities. “During our discussions, Sen. Griffo shared his vision for the Senate Banks Committee--one based on fairness, deliberation and open communication,” said Michael Lanotte, senior vice president and general counsel for the association. “We look forward to working with the senator and the entire committee this session.”


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