September 15, 2020

Sec. Rice shares optimism for country in conversation with Berger

Berger, Rice
Caucus opening keynote speaker Sec. Condoleezza Rice also joined NAFCU President and CEO Dan Berger for a Q&A session.

NAFCU's Virtual Congressional Caucus kicked off Monday with a wide-ranging discussion between 66th U.S. Secretary of State Condoleezza Rice and NAFCU President and CEO Dan Berger that covered global challenges, the value of credit unions, cybersecurity threats, and more.

Sec. Rice – whose opening keynote was provided with special support from Allied Solutions – acknowledged the "disorienting" impact of the coronavirus pandemic, as well as social unrest. While reflecting on her experiences growing up in the segregated South and serving as national security advisor to President George W. Bush, Sec. Rice outlined inequalities that have been exacerbated during the pandemic.

After her remarks, Berger joined Sec. Rice for a Q&A session during which he asked her about her experiences as national security advisor and how credit unions can contribute to societal change.

Sec. Rice called cybersecurity a "huge threat," adding that leaders must play an integral role in educating employees on how to detect and deter cyberattacks. She reiterated the importance of sharing best practices and discussed congressional efforts to establish a national data security standard, which NAFCU has long called for.

Prior to Sec. Rice's opening keynote, Berger provided attendees with a Washington Update. Berger reviewed key provisions in coronavirus relief packages passed so far, and what NAFCU continues to fight for as Congress works on a Phase 4 package. He highlighted the association's close work with Congress and regulators to deliver wins for credit unions, such as expanded access to the NCUA's Central Liquidity Facility (CLF), relief and clarification from the CFPB as it relates to electronic disclosures and Regulation X, the Federal Reserve's removal of the Regulation D transfer limit, and delay of the Federal Housing Finance Agency's (FHFA) adverse market refinance fee.

On the economy, Berger outlined expectations for GDP growth, labor market, and sales activity, and also highlighted how consumers have used economic impact payments (EIPs) and how credit unions have performed in the first half of the year.

NAFCU's Virtual Congressional Caucus continues today. Registration is still open here. Plus, attendees will have access to on-demand recordings of the event for the next two weeks. An online event community also allows attendees to connect with peers and access key resources to boost advocacy efforts. Attendees can also see the full, detailed agenda with tentative start times for all speakers.

Stay tuned to NAFCU Today for recaps from the event and follow #NAFCUCaucus on Twitter for live highlights.