The NAFCU Journal September-October 2019 - 44

FROM THE PRESIDENT'S DESK

Setting the Record Straight
By B. Dan Berger, NAFCU President and CEO

C

redit unions are setting the
record straight and putting
bankers on notice. 

As big-bank lobbyists rev up
their political engines and dole out
a seemingly endless stream of cash
and resources in their quest to limit
consumer choice and rid the market
of competitive pressures for banks,
NAFCU and credit unions across the
country are pushing back. 

The fact is, a thriving credit union
industry is good for American consumers and the U.S. economy, and NAFCU
will continue to deliver this message
to lawmakers on Capitol Hill, policymakers at the regulatory agencies and
members of the administration at the
White House. 
There is no denying bank lobbyists' preference for federal agencies to regulate
the credit union industry into oblivion,

as banks - both big and small - look
for every opportunity to monopolize the
financial services landscape. 
Since 2010, the number of credit
unions has declined by more than
25 percent at a pace of roughly one
per business day. While the NCUA has
taken steps to reduce regulatory burdens, credit unions are still a heavily
regulated industry. 
The NCUA's mission is to oversee the
credit union industry from a safety
and soundness perspective, not solicit
feedback from bank lobbyists who
would love nothing more than to
cripple the growth of a competing
industry. From credit union-bank
mergers to appraisal and risk-based
capital rulemakings, bank lobbyists
are looking to intimidate policymakers
into acting in their favor. 
Not on our watch. 
NAFCU will continue to fight for the
credit union industry, its members and
all other American consumers who are
looking to join a community-based,
not-for-profit credit union. Choice in
the marketplace is as important as ever,
as banks continue to receive fines - to
the tune of $243 billion and counting -
for their role in the 2008 financial crisis. 
Enough is enough. 
At NAFCU, we believe in credit unions,
and we believe in the good work they
do for all communities. We will never
waiver in our support, and we are
proud to stand alongside an industry

44

that is successfully serving 117 million
Americans. 
Our industry's cooperative structure,
community focus and unyielding desire
to serve members well are what will
continue to make credit unions the best
options for American consumers. 
Meanwhile, bank lobbyists are still
spinning the truth. Recently, the
American Bankers Association funded
a paper that propagates factual
inaccuracies, offers no original data or
analysis, and provides very little support
for its conclusions that attack credit
unions. This behavior should leave no
doubt in the minds of policymakers
and consumers that bank lobbyists are
pushing a fabricated narrative in an
effort to justify their persistent attacks
on a competing industry.
Bank lobbyists will stop at nothing to
undermine our industry's growth and
success, and credit unions must remain
united and vigilant in our defense of
these baseless attacks. While NAFCU
will lead the fight in Washington, credit
union leaders across the country have
a responsibility to join with us as well,
to share their noble pursuits with their
elected officials and be good stewards of
the industry's mission and reputation. 
It is NAFCU's honor to advocate on your
behalf. Thank you for allowing us to
serve you.
Connect with Dan Berger on Twitter
@BDanBerger and on his blog at
www.nafcu.org/berger-leadership-blog.

THE NAFCU JOURNAL SEPTEMBER-OCTOBER 2019


https://www.nafcu.org/advocacy https://twitter.com/bdanberger http://www.nafcu.org/berger-leadership-blog

The NAFCU Journal September-October 2019

Table of Contents for the Digital Edition of The NAFCU Journal September-October 2019

The NAFCU Journal September-October 2019
Contents
Conferences
From the Chair
Washington and Industry Briefs
The Bottom Line
Access to Money
The Best Indirect Growth Strategy
Big Moments, Bigger Wallet Share
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
Industry Perspectives
From the President’s Desk
The NAFCU Journal September-October 2019 - The NAFCU Journal September-October 2019
The NAFCU Journal September-October 2019 - Cover2
The NAFCU Journal September-October 2019 - Contents
The NAFCU Journal September-October 2019 - 2
The NAFCU Journal September-October 2019 - Conferences
The NAFCU Journal September-October 2019 - From the Chair
The NAFCU Journal September-October 2019 - 5
The NAFCU Journal September-October 2019 - Washington and Industry Briefs
The NAFCU Journal September-October 2019 - 7
The NAFCU Journal September-October 2019 - The Bottom Line
The NAFCU Journal September-October 2019 - 9
The NAFCU Journal September-October 2019 - Access to Money
The NAFCU Journal September-October 2019 - 11
The NAFCU Journal September-October 2019 - 12
The NAFCU Journal September-October 2019 - 13
The NAFCU Journal September-October 2019 - 14
The NAFCU Journal September-October 2019 - 15
The NAFCU Journal September-October 2019 - The Best Indirect Growth Strategy
The NAFCU Journal September-October 2019 - 17
The NAFCU Journal September-October 2019 - 18
The NAFCU Journal September-October 2019 - 19
The NAFCU Journal September-October 2019 - 20
The NAFCU Journal September-October 2019 - 21
The NAFCU Journal September-October 2019 - 22
The NAFCU Journal September-October 2019 - 23
The NAFCU Journal September-October 2019 - Big Moments, Bigger Wallet Share
The NAFCU Journal September-October 2019 - 25
The NAFCU Journal September-October 2019 - 26
The NAFCU Journal September-October 2019 - 27
The NAFCU Journal September-October 2019 - 28
The NAFCU Journal September-October 2019 - 29
The NAFCU Journal September-October 2019 - Executive Spotlight
The NAFCU Journal September-October 2019 - 31
The NAFCU Journal September-October 2019 - Management Insight
The NAFCU Journal September-October 2019 - 33
The NAFCU Journal September-October 2019 - Compliance Central
The NAFCU Journal September-October 2019 - 35
The NAFCU Journal September-October 2019 - Inside NAFCU Services
The NAFCU Journal September-October 2019 - 37
The NAFCU Journal September-October 2019 - 38
The NAFCU Journal September-October 2019 - 39
The NAFCU Journal September-October 2019 - Industry Perspectives
The NAFCU Journal September-October 2019 - 41
The NAFCU Journal September-October 2019 - 42
The NAFCU Journal September-October 2019 - 43
The NAFCU Journal September-October 2019 - From the President’s Desk
The NAFCU Journal September-October 2019 - Cover3
The NAFCU Journal September-October 2019 - Cover4
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