President's Message
There is an oft-cited lament at trade associations around the country and across industries that “advocacy is invisible.” In other words, trade associations must work extra hard to communicate the practical, every-day value of their advocacy efforts to their members. This is especially true in an industry such as ours that typically involves stopping passage (often quietly) of burdensome new laws.
Today marks the first public hearing of the Banking Committee in the 2021 legislative session. Up for consideration was a slate of rather ugly proposed legislation. If passed into law, these bills would place new or increased burdens on all credit unions big and small. On behalf of Connecticut’s credit unions, the league reviewed these proposals, consulted with other industry professionals, prepared and delivered written and oral testimony and, most importantly, made sure that our legislators know the potential impact of these concepts on credit unions.
To twist a phrase, “an agenda speaks a thousand words.” A quick glance at today’s agenda shows the value of having the League in your corner:
BILLS FOR REVIEW
AN ACT CONCERNING THE ASSESSMENT OF INTEREST WITH RESPECT TO CREDIT CARD USE.
AN ACT INCREASING THE ELECTION OF REMEDIES THRESHOLD FOR MOTOR VEHICLES AND BOATS.
AN ACT REQUIRING MORTGAGE LENDERS AND MORTGAGE SERVICERS TO ACCEPT AND APPLY PARTIAL MORTGAGE PAYMENTS.
AN ACT REQUIRING MORTGAGE COMPANIES TO RELEASE CERTAIN FUNDS TO HOMEOWNERS FOR THE REPAIR OF PROPERTY DAMAGE.
AN ACT CONCERNING ISSUES RELATING TO MORTGAGES AND MECHANIC'S LIENS.
AN ACT PROHIBITING CERTAIN MORTGAGE LENDERS FROM CHARGING FEES TO BORROWERS AFTER RECEIVING A PAYMENT TO REINSTATE THE MORTGAGE.
AN ACT CONCERNING THE PRESUMPTION OF OWNERSHIP IN JOINT BANK ACCOUNTS.
AN ACT EXEMPTING FROM EXECUTION CERTAIN FUNDS IN A JUDGMENT DEBTOR'S ACCOUNT.
Under the traditional rules, each person that testifies has three minutes to state their position and then the committee members can ask as many questions as they desire. It’s impossible to predict how the legislators will respond to testimony. Sometimes you get zero questions while other times you’re stuck on the hot seat for hours. One thing is certain: our policymakers can not know how their laws will impact credit unions if we don’t show up or if we are unprepared to educate them.
To League members: thank you for your affiliation. Your dues and your engagement fuel our best-in-class advocacy program.
To unaffiliated credit unions: Please consider joining the League this year. We are stronger together and we need your voice.
Cooperatively, Bruce
Bruce
