Looking Towards the New Year

It is often said in sports that good defense wins games and can be more important than good offense. The same adage holds true in politics, and after 2009, nobody knows that better than credit unions. In 2009, Mortgage Cramdown, Interchange Fees, Overdraft Protection and Consumer Financial Protection Agency (CFPA) consumed the legislative agendas of credit unions across this country. While it is true that 2009 has come to a close, the truth is that many of these issues (if not more) are likely to reappear on the horizon in 2010.

However, with the New Year also comes a new play book, one that also includes a much stronger offense.

Here are a few pro-credit union items that the Arizona Credit Union League will be working on in 2010:

• The Small Business Lending Enhancement Act - This would raise the credit union member business lending cap from 12.25% of a credit union's total assets to 25% of total assets, and increase the minimum business loan subject to the cap from $50,000 to $250,000.
• Branch Approval - The League is looking to introduce legislation to remove the branch/ATM approval process, which would create parity between state and federally chartered credit unions. Currently, state chartered credit unions are required to have approval from the Superintendent if they open or move any branches/ATMs.
• Revising Late Fee for Indirect Auto Loans - A current state statute, that hasn't been updated for over 30 years, requires that a late fee for auto loans be 5% or $10, whichever is less. The argument from the League’s perspective is that while car prices and collection costs have gone up, the late fee has stayed at the same rate for at least 25 years.
• Payday Lender Reform - The League is once again joining the coalition to oppose any measures that would remove the payday lenders sunset date of July 1, 2010.

While 2010 will carry many of the challenges, there are opportunities on the horizon as well. Among them will be the election in 2010, and there has never been a more important election to ensure that credit union candidates are elected. Whether it is fundraisers, political walks, signature drives or legislative visits, each of us needs to be engaged and ready to do our part. Let's get ready for 2010!

For more information on the League's 2010 initiatives, please visit our website.

Enhance Membership Value with Invest in America

Invest in America was created for credit unions to band together nationwide to promote and support not only their own products and services, but also those offered by collaborative American-based companies. When you support this credit union member enhancement program, you're supporting the workers and products that make our country strong.

Partnerships
Invest in America has cultivated significant partnerships with great U.S. based companies like GM and Chrysler to bring credit union members significant savings on a variety of products and services. The program began with new vehicles, which is driving new membership and increasing vehicle loan volume for credit unions across the country.

Invest in America now offers member benefits and discounts with:

• American Values - GM and Chrysler
• Sprint
• Allied Moving and Storage
• Complete Tax
• Equity LifeStyle Properties (ELS)
• Member Benefits Express
• FTD Flowers or Gifts
• COSTCO

Our goal is to bring everyone together in these difficult times, get behind U.S. companies and bring more added value to all of Arizona's credit unions' members. To learn more about Invest in America and obtain more detailed information regarding individual campaigns, please visit our website.