By Michael Fryzel
Although it is early in the game of the new administration, the Independent Community Bankers Association (ICBA) has come out swinging and has an early two to nothing lead over the national associations representing credit unions.
On May 1, President Donald Trump met for the second time with leaders of the ICBA. This time he invited 100 of the group’s members to the White House to meet with him and the vice president. This is clearly a sign that the president is interested in helping smaller financial institutions, which the ICBA represents, and is committed to moving forward with financial regulatory reform. (CUToday.info has coverage here.)
The president’s meetings with the ICBA, his Executive Orders and his vision for the financial services industry is good news for small banks and for credit unions. Acknowledging the need for change, the president has raised the hope of financial institutions across the country who want to better serve their constituents by having the burden of excess government regulation lifted.
President Hasn't Heard Credit Union Story. Why?
Unfortunately, for reasons unknown, the president hasn’t been told the credit union story. He hasn’t been told about the thousands of credit unions that provide millions of people with some of the best financial services available.
President Trump hasn’t been told about the thousands of dedicated credit union employees who everyday handle the transactions of individual members and provide advice to them on everything from savings accounts to securing a home mortgage.
President Trump hasn’t been told about the thousands of small businesses that are thriving today because their start-up and expansion loans were made by credit unions when other financial institutions turned them away.
President Trump hasn’t been told that during the 2008 financial crisis credit union members saved the credit union industry with their own money and did not cost the taxpayers a single penny.
So why is it that the president hasn’t been told these stories? Why is it that the ICBA has twice had his ear to tell him their stories and what they need to do a better job?
Trailing the Bankers
Credit union CEOs should be concerned that although early in the game, they are again trailing the ICBA and again in second place. Questions need to be asked and those questions must be directed to the leaders of the two national credit union trade organizations.
Credit unions do not want to be told that letters have been written, testimony has been given and the associations are providing language for proposed legislation. This is all well and good and very much a part of their jobs, but something major is missing.
When will credit union leaders be sitting down with President Trump? When will CEOs of credit unions be invited to meet the president? When will the president hear the credit union story?
Ask those questions of the trade association to which you belong. And then tell them to get it done.
We have a president who is pro-business and wants all citizens to have access to the best financial services. Credit unions already provide that. He needs to know.
Michael Fryzel is the former chairman of NCUA and NCUA board member who is now in private practice in Chicago. Mr. Fryzel can be reached at meflaw@aol.com.