2022 GAC Wrapup and Nashville Update

AdvocacyUpdate

2022 GAC

The 2022 CUNA Governmental Affairs Conference – and for the first time since 2020 in person – has come and gone. The conference featured many fantastic speakers and topics, including cryptocurrency, financial well-being for all, and many others.

Sixty people represented Tennessee’s credit unions in Washington DC, meeting with federal legislators to discuss issues and legislation that will impact credit unions and their members. Tennessee credit union advocates met to discuss modernization for credit unions on a few issues, including member expulsion and board governance. They were successful and gained the support of a few of Tennessee’s Congressmen and Senators.

Additionally, several meetings will occur over the coming weeks due to scheduling and covid restrictions.

Nashville Update

We’re happy to report that on March 8, 2022, Senate Bill 880, The Interchange Bill, was assigned to the General Subcommittee, meaning that it is dead for the year.

Paraphrasing the closing quote from the bill’s sponsor, Senator John Stevens, “This bill is not going forward this year. The proposed bill is not the solution we are looking for.”

Most of the comments from the committee members on the bill were related directly to finding a method of compensating retailers for collecting state sales taxes without causing harm to another industry.

Thanks to all of you for your advocacy on this issue and for making sure your voices were heard. We will continue to monitor this and other matters in Nashville on your behalf!