My 9 takeaways from CUNA’S GAC
Yours truly is back from GAC after a splendid time waiting with my co-workers at the airport on a two hour delay. Here are some final thoughts, many of which are worthy of stand-alone blogs in the near future. I am sure you can’t wait.
- By hook or by crook, alternative capital is going to happen. In his speech before the assembled masses, NCUA Chairman McWatters signaled that today’s ANPR will be tomorrow’s proposed rule. Please share your thoughts.
- It’s quite possible that the Temporary Corporate Stabilization Fund will be folded into the share insurance fund by the end of the year, raising the possibility of future rebates. Remember that this is all subject to unforeseen developments.
- In a victory for the bankers, the chairman mentioned, almost in passing, that new regulations will include making charter expansions subject to a comment period. This has important legal and policy implications. It is something that the bankers and/or Keith Leggett have been advocating for years.
- I have to find a cigar bar closer to the Renaissance than the one I took a group of credit union brethren to the other night. I am not sure if it was in Northwest Washington or Maryland. Either way, it felt like I was driving them to the Carolinas.
- There was more talk about preserving the tax status than I expected; then again, the one thing everyone seems to agree on is that there is going to be a major push for major tax reform, meaning that everything is on the proverbial table. The challenge for the industry is to lobby for the exemption’s preservation without letting this supersede the need for other legislative changes, such as mandate relief. Every year that goes by with Congress giving the industry nothing more than the status quo brings the bankers one step closer to their goal of mortally wounding credit unions. Credit unions can’t effectively compete in a 21st century world with 20th century laws.
- Yours truly has to get in better shape if he is going to socialize by night and blog by day. My usual 5 a.m. wake-up call went unanswered.
- When it comes to the CFPB, we must learn to love the sinner but hate the sin. The CFPB has become one of those ideological litmus tests that have come to paralyze Washington. As a result, when we meet with House members in their districts—as I am sure all of you loyal Hill-hikers are already planning to do—we have to remind them that we are not in favor of abolishing the CFPB, but simply making changes to clarify that credit unions can be categorically exempted for many of its mandates. Also, we must remind them that a bipartisan board is actually a better way of creating institutional stability than is a structure overseen by a single person who may or may not be a benign dictator. By the way, there is no truth to the rumor that Richard Cordray met with the Russian Ambassador.
- A special shout out to our Representatives who took the time to either join the meetings or stop by to say “Hi.” Many of you came a long way and took a lot of time out of the office, and it is nice to see that so many Congressional leaders took the time to acknowledge your efforts.
- At the risk of being accused of being politically incorrect, if global warming means that I can walk around DC in late February without an overcoat, I will take my chances with the flooding. It was a chilly 26 degrees in Albany this morning and felt like zero.
Entry filed under: General.