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Two pro-credit union lawmakers yesterday joined NAFCU during the 2022 Congressional Caucus. Representatives Ed Perlmutter, D-Colo., and Tom Emmer, R-Minn., both recent awardees of the NAFCU Credit Union Champion awards, spoke on the future of credit unions and key legislation impacting the industry.

Rep. Perlmutter, who recently sat down for a discussion with NAFCU’s Ann Petros on the Credit Union Policy Podcast (CUPP), spoke on his appreciation for the credit union industry, current state of the economy, and his legislation being considered in Congress, the Secure and Fair Enforcement (SAFE) Banking Act.

“When I was appointed chairman of the Consumer Protection and Financial Institutions subcommittee, I had two purposes: strengthen the solvency of our financial institutions and make sure the customers are not being taken advantage of,” stated Perlmutter, who is retiring from Congress at the end of this year. When speaking on the current state of the economy, Perlmutter reminded credit union attendees, “Make sure your members stay strong, because it is a bumpy time for everyone.”

Diving into the SAFE Banking Act, which would allow credit unions and other financial institutions to offer banking services to legally-operating cannabis businesses, and has passed out of the House seven times but has yet to pass the Senate, Perlmutter expressed that it “provides a safe harbor for financial institutions… to provide services to businesses that are legitimate within their own states.” Perlmutter concluded his remarks by touting the strength of credit unions’ grassroots efforts, and asked attendees to contact their Senators to support the legislation and ensure it becomes law. 

Rep. Tom Emmer, who serves as the Chair of the National Republican Congressional Committee, coordinating efforts for House Republicans in the 2022 midterm elections, also took the stage Tuesday where he noted that he expects a leadership change in the House next Congress. As ranking member of the House Financial Services Subcommittee on oversight and investigations, Emmer said that credit unions are continuously dealing with burdensome regulations and that the Securities and Exchange Commission has “gone rogue.” He noted that committee’s work next Congress under a change of leadership will allow for members to “check down on the lawless acts of our regulators.”

When discussing the invasive IRS proposal requiring financial institutions to report all annual account inflow and outflow of $600 or more, Emmer noted that it was an attempt to overextend the role of financial institutions and commended NAFCU for the association’s efforts to “squash” the provision.

Emmer also highlighted the recent passage of his legislation, the NAFCU-backed Credit Union Governance Modernization Act (CUGMA) (led by both Perlmutter and Emmer), noting that “we can work with people across the aisle when people are working on reasonable common-sense legislation.” On a similar note, the Congressman discussed the need for Congress to work together to pass legislation around digital assets that ensures financial institutions have the opportunity to evolve and modernize with the industry. Emmer concluded his remarks by thanking NAFCU and members for their consistent partnership with his office to support financial freedom. 

NAFCU and its member credit unions will remain engaged with administration officials, lawmakers, and regulators to advocate for additional regulatory relief for the industry. View NAFCU’s 2022 advocacy priorities and join the association’s efforts by using the Grassroots Action Center to build relationships with lawmakers and advocate on behalf of the industry.