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Credit unions' capital needs, the agency's budget and Operation Choke Point were key topics discussed by House Financial Services Committee members Wednesday before credit union attendees at NAFCU's Congressional Caucus.

Rep. Robert Hurt, R-Va., said the No. 1 issue facing the nation today is jobs. "We want an economy that is moving and that's booming," he said. "If jobs are the No. 1 issue, then there is nothing that we can do as a nation more important than promote policies that support private capital."

Hurt also discussed the capital ratios in NCUA's new risk-based capital proposal. He said while "we all agree that we want our financial institutions to be well-capitalized," lawmakers don't want to constrict credit unions' ability to adequately serve their members.

In a Q&A with Hurt, the issue of NCUA not revealing the details of its budget was discussed – something NAFCU has advocated for in recent months. Hurt said as a general rule, "especially for regulatory agencies affecting you on a daily basis, there needs to be that transparency and accountability."

Rep. Mick Mulvaney, R-S.C., who is also on the House Small Business Committee, aired frustration over NCUA's failure to tell Congress how it spends credit union money. He said he will continue to press the issue with NCUA.

Mulvaney also discussed reforms to CFPB, such as appointing a five-person board over the bureau rather than a single director – a move NAFCU supports. He also discussed issues surrounding member business lending and additional resources for capital. He said credit unions need to make clear that they are filling a gap through MBL by helping those not served by banks.

Rep. Blaine Luetkemeyer, R-Mo., urged credit unions to get involved in the political process during his talk at NAFCU's Congressional Caucus. (Dietsch photo)

He and Rep. Blaine Luetkemeyer, R-Mo., also discussed the Justice Department's Operation Choke Point initiative. Meanwhile, Luetkemeyer emphasized the importance of credit union participation in the political process.

"If you're not at the table, they're going to think one of two things about you: either you agree with what's going on, or you don't care," Luetkemeyer said. He said lawmakers need credit unions' help to understand the problems they're facing and, more importantly, how best to address them: "I always tell people: don't bring us your problems – bring us your solutions."