The NAFCU Journal September-October 2020 - 4

FROM THE CHAIR

Engagement Leads to Change
By Debra Schwartz, NAFCU Board Chair

T

his has been a challenging year.
In spite of all the bad, it has also
given us opportunities to slow
down and thoughtfully consider
our priorities, a chance to double down
on what we stand for and adapt plans
and pivot to be more effective.

Our institutions have faced the challenges of the previous six months
head-on to ensure we can continue offering the superior products and member
service for which we're known. Credit
unions have revamped business models
to continue operating safely and efficiently amid the coronavirus pandemic;
we've reflected on how we support our
communities in times of need and what
efforts we take to promote diversity,
equity and inclusion.
Addressing these issues is not an easy task.
We have exceptional and resilient staff on
our teams to keep us moving in the right
direction, but more needs to be done
from a legislative and regulatory perspective to ensure our members are given the
best environment possible to navigate
times of crisis. We must consistently
engage with decision-makers tasked with
drafting laws and policies that impact our
operations. As a member of NAFCU, we
have a direct connection to these federal
lawmakers and regulators.
NAFCU is the only financial services
trade association focused solely on
representing credit unions' interests
at the federal level. The association
relies on us - credit union leaders and
professionals - to share how outdated
laws and regulatory red tape inhibit
us from helping American consumers
achieve financial stability and security.
4

Business lending is one area that has
drawn heightened attention from
policymakers amid the pandemic. Our
communities are stronger when our
business districts are thriving, but when
they struggle, we all suffer.
As in previous recessions, credit unions
have stepped up to provide businesses
with needed access to credit. Hundreds
of institutions within our industry
jumped into the Small Business Administration's paycheck protection program.
Despite somewhat confusing guidance,
many credit unions worked day and
night to help their member businesses
get the funds needed to stay open and
keep paying their employees.
But the outdated and arbitrary member business lending (MBL) cap that's
imposed on our institutions restricts how
much help we can provide. It has also
prevented many from expanding services
or entering the business lending environment altogether. For years, NAFCU has
advocated that this cap be eliminated, or
at least raised, to ensure credit unions'
business members have access to credit.
As a result of this longstanding advocacy,
there is a swell of bipartisan support to
finally make this change.

support of the NCUA and its commitment
to diversity, equity and inclusion, are
calling for Congress to amend the Federal
Credit Union Act and allow us all to add
underserved areas to our fields of membership. Let me say it again: Safe, affordable
financial services are essential to making a
better life for everyone.
To achieve these changes, we need to be
just as committed to advocacy as we are
to providing financial services. We need
to call on our elected officials to equip us
with a healthy regulatory environment so
we can dedicate more of our resources to
our members, rather than compliance.
As we approach the November elections,
talk with candidates to see where they
stand and work to educate them on how
their decisions can better their constituents' lives as they improve our operating environment. Engagement leads to
change. Now is the time to engage with
NAFCU and your elected officials.
Debra Schwartz is president and CEO
of Mission Federal Credit Union in
San Diego.

Another issue that's received more attention is our country's history of injustice
and inequality, and the need to invest in
underserved areas and minority communities. The credit union industry, as
not-for-profit cooperative institutions, has
always done what's best for its members
and communities, but we are limited in
our ability to serve in-need areas because
of outdated field-of-membership restrictions. That's why our institutions, with the
THE NAFCU JOURNAL  SEPTEMBER-OCTOBER 2020



The NAFCU Journal September-October 2020

Table of Contents for the Digital Edition of The NAFCU Journal September-October 2020

The NAFCU Journal September-October 2020 - Cover1
The NAFCU Journal September-October 2020 - Cover2
The NAFCU Journal September-October 2020 - 1
The NAFCU Journal September-October 2020 - 2
The NAFCU Journal September-October 2020 - 3
The NAFCU Journal September-October 2020 - 4
The NAFCU Journal September-October 2020 - 5
The NAFCU Journal September-October 2020 - 6
The NAFCU Journal September-October 2020 - 7
The NAFCU Journal September-October 2020 - 8
The NAFCU Journal September-October 2020 - 9
The NAFCU Journal September-October 2020 - 10
The NAFCU Journal September-October 2020 - 11
The NAFCU Journal September-October 2020 - 12
The NAFCU Journal September-October 2020 - 13
The NAFCU Journal September-October 2020 - 14
The NAFCU Journal September-October 2020 - 15
The NAFCU Journal September-October 2020 - 16
The NAFCU Journal September-October 2020 - 17
The NAFCU Journal September-October 2020 - 18
The NAFCU Journal September-October 2020 - 19
The NAFCU Journal September-October 2020 - 20
The NAFCU Journal September-October 2020 - 21
The NAFCU Journal September-October 2020 - 22
The NAFCU Journal September-October 2020 - 23
The NAFCU Journal September-October 2020 - 24
The NAFCU Journal September-October 2020 - 25
The NAFCU Journal September-October 2020 - 26
The NAFCU Journal September-October 2020 - 27
The NAFCU Journal September-October 2020 - 28
The NAFCU Journal September-October 2020 - 29
The NAFCU Journal September-October 2020 - 30
The NAFCU Journal September-October 2020 - 31
The NAFCU Journal September-October 2020 - 32
The NAFCU Journal September-October 2020 - 33
The NAFCU Journal September-October 2020 - 34
The NAFCU Journal September-October 2020 - 35
The NAFCU Journal September-October 2020 - 36
The NAFCU Journal September-October 2020 - 37
The NAFCU Journal September-October 2020 - 38
The NAFCU Journal September-October 2020 - 39
The NAFCU Journal September-October 2020 - 40
The NAFCU Journal September-October 2020 - Cover3
The NAFCU Journal September-October 2020 - Cover4
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