The final day of the CUNA GAC was a busy one for the more than 150 credit union executives from Alabama and Florida. They had to make 36 Hill visits in just about eight hours. Each of the meetings lasted about 15 to 20 minutes and oftentimes they were standing room only. Data security and tax reform were two of the major topics discussed, along with regulatory reform. Many lawmakers were not aware that merchants bore no financial responsibility following the breach. Most also said they would support legislation where both entities shared responsibility. VyStar Credit Union in Jacksonville told Rep. Ander Crenshaw that they have incurred more than $200,000 in costs and this doesn't include fraud.
After Rep. Dave Camp released tax reform language, many lawmakers said they did not think anyone wanted to see credit unions taxed and no one thought it would get done this year. Rep. Martha Roby of Alabama asked credit unions to read the bill and let her know their concerns. The general feeling is that credit unions will be okay. Other topics discussed were member business lending, supplemental capital, privacy notices and regulatory reform. Rep. Mo Brooks from Alabama said that he was for less government regulations and more decisions being made by local businesses like credit unions. He said if you failed you would go out of business and if you succeeded you would profit.
Alabama finally got its three-peat. Alabama credit union of Tuscaloosa was honored for the third straight year with a Dora Maxwell award. Alabama credit union’s Secret Meals for Kids has gone from a credit union program feeding 18 kids, to a statewide program feeding thousands and growing. The local communities are now getting involved.