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Illinois CUs, NAFCU meet with Rep. Foster on key issues
A number of NAFCU-member credit unions from Illinois Tuesday joined the association for a meeting with House Financial Services Committee Artificial Intelligence Task Force Chairman Bill Foster, D-Ill., to discuss key issues for the industry, including data security, protecting the credit union tax exemption and a burdensome reporting requirement included in the Senate-passed fiscal year 2022 Budget Resolution.
Michelle Balog, EVP and general counsel of NuMark Credit Union (Joliet, Illinois), Elizabeth Osborne, COO of Great Lakes Credit Union (Chicago, Illinois), Bogdan Chmielewski, president and CEO of Polish & Slavic FCU (Chicago, Illinois), Diane Hank, senior corporate counsel of Alliant Credit Union (Chicago, Illinois), and CJ Presto, EVP and CFO of Baxter Credit Union (Vernon Hills, Illinois) joined NAFCU Vice President of Legislative Affairs Brad Thaler and Associate Director of Legislative Affairs Sarah Jacobs for the meeting.
During the meeting, the group also discussed concerns regarding underregulated fintechs; the association has previously called for a level playing field to ensure fintech companies are subject to the same regulatory requirements as credit unions and other financial institutions. NAFCU is leading efforts with regulators and lawmakers to ensure these issues are addressed.
NAFCU will continue to meet with lawmakers to share the credit union difference and advocate for policies that allow the industry to thrive and better serve its members.