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September 19, 2016

Berger at Caucus: CUs have consumers' trust

NAFCU President and CEO Dan Berger emphasized the unique trust between credit unions and their members and called on credit union professionals to tell the story of the credit union difference during the opening NAFCU Congressional Caucus session Monday in Washington, D.C.

During his welcome address, Berger noted the continued growth of credit union lending and membership, and he said it all stems from consumers' trust in credit unions.

"That's something that you have that the banks and the fintech companies and the disrupters don't have – you have trust," Berger said.

Berger urged Caucus attendees to emphasize the successes of the credit union industry during their time in Washington, and to let the big banks' various scandals speak for themselves. He said members of Congress need to hear about how credit unions were the only institutions lending to small businesses during the financial crisis, and he noted credit unions' continued high satisfaction ratings year after year.

"You being here matters – it's so important to get that message across" in person, Berger said. He also urged attendees to continue their advocacy for credit unions by inviting lawmakers to visit their credit unions during upcoming district work periods.

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Carrie Hunt gave Caucus attendees an update on NAFCU's advocacy on Monday.

Berger also noted the unusual nature of this year's presidential election and gave an overview of polling in swing states. He said that despite political uncertainty, credit unions have succeeded in having more pieces of pro-credit union legislation filed in recent years than in any other time in the industry's history.

Both Berger and Executive Vice President of Government Affairs and General Counsel Carrie Hunt noted the recent lawsuit the Independent Community Bankers of America filed over NCUA's final member business lending rule, which Berger called "a shot across the bow" and an attempt to bully the credit union industry.

Hunt, during her remarks, emphasized NAFCU's continued push to roll back the regulatory burden for credit unions and offered updates on other litigation of interest to credit unions.

Berger also answered audience questions about NCUA Board activity, credit unions' past relationships with both presidential candidates and CFPB's approach to dealing with the recent Wells Fargo scandal. Berger noted the association's appreciation for the NCUA Board's cooperation on several issues and he noted NAFCU has reached out to both presidential candidates to advocate for credit unions.

Caucus runs through tomorrow at the Hyatt Regency Washington on Capitol Hill. For more updates, follow #NAFCUCaucus on Twitter.