The NAFCU Journal July-August 2020 - 23

She has found that legislators care about
branches in their districts and how credit
unions create jobs. And if you know what
committees they serve on or their interests, you can better tailor your message.
For example, if someone is interested
in veterans' issues or serves on those
committees, talk about the products or
services you have that help veterans. 
"Our work is so important, and we need to
hone in on our messaging," Shermot says.
"Are we contributing to financial literacy
in their district? What seminars are being
done that can help educate members?
Things like that. Simply sharing what the
credit union is already doing in their district is a great way to start the conversation." 
That often involves telling stories of the
credit union and its members, but being
prepared with the numbers and statistics
that back up your agenda.
"Respect their time, and be brief and to
the point," Shermot says. "Know your ask,
and - if they need more information -
volunteer to be a resource."

Spreading the Word

Legislators often don't know how
credit unions work, assuming they are

Data Security 
"Data security" and "data privacy"
are often used interchangeably, but
there are key differences. "Data privacy
refers to the use, sharing and/or selling
of customer data by businesses. Data
security refers to protections put in
place to prevent access to sensitive
information by unauthorized users,"
he says. While credit unions are
subject to strong data security standards, merchants and retailers are
not subject to the same federal
requirements. NAFCU recommends
Congress consider privacy legislation
that includes the following:
■	

A comprehensive national data security
standard covering all entities that collect and store consumer information.

THE NAFCU JOURNAL  JULY-AUGUST 2020

the same as banks or other lending
institutions. Because Anuswith is a credit
union officer in charge of risk management, advocacy is a key component of
his overall job, which is to protect the
organization from all directions. Advocacy requires constantly explaining the
nuances without getting frustrated, which
means always remaining helpful, he
and others say. 
"Credit unions are different," Shermot
says. "Take our structure: We are a
member-owned financial cooperative.
The money that we make goes back
to the members in the form of lesser
fees, better rates on savings, and lower
rates on loans. We are mission-driven
and put the member first in our
decision-making. We give back to
our communities, and we are passionate about financial literacy and
making a difference."
If that passion is spread broadly, then
elected officials will be aware of your
importance before you meet, advocacy experts say. That means advocacy
begins by properly training all staff
members so they can answer questions,
when they're at work and when they're
not at work. 

■	

■	

■	

Harmonization of existing federal laws
and preemption of any state privacy
law related to the privacy or security
of personal information.
Delegation of enforcement authority
to the appropriate sectoral regulator.
For credit unions, the National Credit
Union Administration (NCUA) should
be the sole regulator.
A safe harbor for businesses that takes
reasonable measures to comply with
the privacy standards.

Field of Membership
Modernization
In order for credit unions to compete
in a 21st-century economy, the federal
charter must keep pace with changes
in state laws, technology and the
financial services industry, Adams

"Grassroots efforts start within the organization," Shermot says. "We are best
when our employees are informed and
understand why advocacy is so important and what the credit union difference
is all about." 
Visions has a portal on its website so
employees and members can read about
the issues important to the credit union.
The site allows members to sign up for
alerts and to find their legislator. "It's userfriendly and actionable," Shermot says.

says. The industry's dual chartering
system works best when the state
and federal charters keep pace
with each other. Because some
states have been more progressive
with their efforts, multiple credit
unions have converted to state
charters due to their inability to
grow under the federal charter.
NAFCU has several recommendations
on how to strengthen fields of
membership, including:
■	

■	

■	

Eliminate or increase the corebased statistical area population.
Recognize retired federal
employees and retired teachers as
affinity groups.
Consider ways to more efficiently
authorize mergers. 

23



The NAFCU Journal July-August 2020

Table of Contents for the Digital Edition of The NAFCU Journal July-August 2020

The NAFCU Journal July-August 2020 - Cover1
The NAFCU Journal July-August 2020 - Cover2
The NAFCU Journal July-August 2020 - 1
The NAFCU Journal July-August 2020 - 2
The NAFCU Journal July-August 2020 - 3
The NAFCU Journal July-August 2020 - 4
The NAFCU Journal July-August 2020 - 5
The NAFCU Journal July-August 2020 - 6
The NAFCU Journal July-August 2020 - 7
The NAFCU Journal July-August 2020 - 8
The NAFCU Journal July-August 2020 - 9
The NAFCU Journal July-August 2020 - 10
The NAFCU Journal July-August 2020 - 11
The NAFCU Journal July-August 2020 - 12
The NAFCU Journal July-August 2020 - 13
The NAFCU Journal July-August 2020 - 14
The NAFCU Journal July-August 2020 - 15
The NAFCU Journal July-August 2020 - 16
The NAFCU Journal July-August 2020 - 17
The NAFCU Journal July-August 2020 - 18
The NAFCU Journal July-August 2020 - 19
The NAFCU Journal July-August 2020 - 20
The NAFCU Journal July-August 2020 - 21
The NAFCU Journal July-August 2020 - 22
The NAFCU Journal July-August 2020 - 23
The NAFCU Journal July-August 2020 - 24
The NAFCU Journal July-August 2020 - 25
The NAFCU Journal July-August 2020 - 26
The NAFCU Journal July-August 2020 - 27
The NAFCU Journal July-August 2020 - 28
The NAFCU Journal July-August 2020 - 29
The NAFCU Journal July-August 2020 - 30
The NAFCU Journal July-August 2020 - 31
The NAFCU Journal July-August 2020 - 32
The NAFCU Journal July-August 2020 - 33
The NAFCU Journal July-August 2020 - 34
The NAFCU Journal July-August 2020 - 35
The NAFCU Journal July-August 2020 - 36
The NAFCU Journal July-August 2020 - 37
The NAFCU Journal July-August 2020 - 38
The NAFCU Journal July-August 2020 - 39
The NAFCU Journal July-August 2020 - 40
The NAFCU Journal July-August 2020 - 41
The NAFCU Journal July-August 2020 - 42
The NAFCU Journal July-August 2020 - 43
The NAFCU Journal July-August 2020 - 44
The NAFCU Journal July-August 2020 - 45
The NAFCU Journal July-August 2020 - 46
The NAFCU Journal July-August 2020 - 47
The NAFCU Journal July-August 2020 - 48
The NAFCU Journal July-August 2020 - 49
The NAFCU Journal July-August 2020 - 50
The NAFCU Journal July-August 2020 - 51
The NAFCU Journal July-August 2020 - 52
The NAFCU Journal July-August 2020 - 53
The NAFCU Journal July-August 2020 - 54
The NAFCU Journal July-August 2020 - 55
The NAFCU Journal July-August 2020 - 56
The NAFCU Journal July-August 2020 - 57
The NAFCU Journal July-August 2020 - 58
The NAFCU Journal July-August 2020 - 59
The NAFCU Journal July-August 2020 - 60
The NAFCU Journal July-August 2020 - 61
The NAFCU Journal July-August 2020 - 62
The NAFCU Journal July-August 2020 - 63
The NAFCU Journal July-August 2020 - 64
The NAFCU Journal July-August 2020 - Cover3
The NAFCU Journal July-August 2020 - Cover4
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_NovemberDecember2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_SeptOct2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_JulAug2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_MayJun2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_MarApr2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_JanFeb2020
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_NovDec2019
https://www.nxtbook.com/ygsreprints/NAFCU/G109023_nafcu_septoct2019
https://www.nxtbook.com/ygsreprints/NAFCU/G106941_nafcu_julaug2019
https://www.nxtbook.com/ygsreprints/NAFCU/G105388_nafcu_mayjun2019
https://www.nxtbook.com/ygsreprints/NAFCU/G103030_nafcu_marapr2019
https://www.nxtbook.com/ygsreprints/NAFCU/G88665_nafcu_janfeb2019
https://www.nxtbook.com/ygsreprints/NAFCU/G100235_nafcu_novdec2018
https://www.nxtbook.com/ygsreprints/NAFCU/G98517_nafcu_septoct2018
https://www.nxtbook.com/ygsreprints/NAFCU/G96479_nafcu_julaug2018
https://www.nxtbook.com/ygsreprints/NAFCU/G93390_nafcu_mayjune2018
https://www.nxtbook.com/ygsreprints/NAFCU/G90161_nafcu_marapr2018
https://www.nxtbook.com/ygsreprints/NAFCU/G88665_nafcu_janfeb2018
https://www.nxtbook.com/ygsreprints/NAFCU/G83806_nafcu_novdec2017
https://www.nxtbook.com/ygsreprints/NAFCU/G80296_nafcu_septoct2017
https://www.nxtbook.com/ygsreprints/NAFCU/G79086_nafcu_julyaugust2017
https://www.nxtbook.com/ygsreprints/NAFCU/G75911_nafcu_mayjune2017
https://www.nxtbook.com/ygsreprints/NAFCU/G73247_nafcu_marapr2017
https://www.nxtbook.com/ygsreprints/NAFCU/G71923_nafcu_janfeb2017
https://www.nxtbook.com/ygsreprints/NAFCU/G69249_nafcu_novdec2016
https://www.nxtbook.com/ygsreprints/NAFCU/nafcu_septoct2016
https://www.nxtbook.com/ygsreprints/NAFCU/g63853_nafcu_julaug2016
https://www.nxtbook.com/ygsreprints/NAFCU/g61005_nafcu_mayjun2016
https://www.nxtbook.com/ygsreprints/NAFCU/g58935_nafcu_marapr2016
https://www.nxtbook.com/ygsreprints/NAFCU/g56716_nafcu_janfeb2016
https://www.nxtbook.com/ygsreprints/NAFCU/g55605_nafcu_novdec2015
https://www.nxtbook.com/ygsreprints/NAFCU/g53582_nafcu_sepoct2015
https://www.nxtbook.com/ygsreprints/NAFCU/g52154_nafcu_july2015
https://www.nxtbook.com/ygsreprints/NAFCU/g50302_nafcu_mayjune2015
https://www.nxtbook.com/ygsreprints/NAFCU/g48554_nafcu_marapr2015
https://www.nxtbook.com/ygsreprints/NAFCU/g47118_nafcu_janfeb15
https://www.nxtbook.com/ygsreprints/NAFCU/g45886_nafcu_novdec2014
https://www.nxtbook.com/ygsreprints/NAFCU/g44155_nafcu_sepoct2014
https://www.nxtbook.com/ygsreprints/NAFCU/g42892_nafcu_julyaug2014
https://www.nxtbook.com/ygsreprints/NAFCU/g41296_nafcu_mayjun2014
https://www.nxtbook.com/ygsreprints/NAFCU/g39799_nafcu_marapr2014
https://www.nxtbook.com/ygsreprints/NAFCU/g38961_nafcu_janfeb2014
https://www.nxtbook.com/ygsreprints/NAFCU/g38041_nafcu_novdec2013
https://www.nxtbook.com/ygsreprints/NAFCU/g36539_nafcu_sepoct2013
https://www.nxtbook.com/ygsreprints/NAFCU/g34910_nafcu_julaug2013
https://www.nxtbookmedia.com