August 18, 2020

Berger shares CU difference, priorities with Trump, Biden

white houseAs NAFCU's award-wining advocacy team continues to closely monitor the election cycle, NAFCU President and CEO Dan Berger Monday shared credit union priorities with President Donald Trump and former Vice President Joe Biden – the Republican and Democratic candidates, respectively, for the 2020 presidential election.  

"Credit unions are fundamentally different than for-profit financial institutions, both in purpose and structure," wrote Berger. "As owners of cooperative financial institutions united by a common bond, all credit union members have an equal say in the operation of their credit union – “one member, one vote” – regardless of the dollar amount they have on account."

In the letter, Berger highlighted that ensuring credit unions are able to grow and thrive is vital to the financial health of communities across the nation and noted key steps credit unions have taken to safely serve more than 121 million consumers amid the coronavirus pandemic. See the credit union difference for yourself.

Berger also shared NAFCU's 2020 advocacy priorities, outlining the top issues that are currently impacting credit unions. The five tenets include:

  • Growth: Supporting legislation and regulation that helps credit unions grow membership, loans and retained earnings.
  • Fair and Innovative Market: Fighting back against meritless banker attacks, promoting innovation and establishing regulatory standards for fintech and data security.
  • Regulatory Relief: Providing clear rules of the road and streamlining regulation that allows credit unions to put more resources towards serving members.
  • Strong NCUA: Pressing for the NCUA to be the sole industry regulator and fostering a strong relationship with NCUA to ensure credit unions' voices and concerns are heard.
  • Tax Exemption: Preserving credit unions' federal tax exemption in order to keep focus on members, not profits, and save U.S. consumers $16 billion annually.
  • Transparency: Encouraging government transparency and accountability to ensure taxpayers' and credit unions' dollars are used responsibly and rules are tailored appropriately.

The letter was sent in conjunction with the start of the Democratic National Convention and upcoming Republican National Convention.

In addition to the presidential campaigns, NAFCU remains committed to supporting industry champions running across the country and will continue to update credit unions on the latest developments via NAFCU Today.

For credit unions looking to join NAFCU in its advocacy, the association has a new resource page available and its Grassroots Advocacy Center to ensure candidates understand the issues facing the industry. Learn more about NAFCU's priorities.