Legislative Update with Kenley

​Labor Day offers a reminder of the cooperative values at the heart of credit unions and the importance of advocacy in protecting members and strengthening communities.

By Kenley Lamberty, DakCU Director of Political Strategy and Engagement

Labor Day and the Credit Union Difference
As we recently celebrated Labor Day, it is worth reflecting on what this holiday represents and why it resonates so strongly with the credit union movement. Labor Day recognizes the contributions of working Americans and the value of people coming together to create stronger communities and greater economic opportunity.

Those same principles are at the heart of the credit union model. As not-for-profit, member-owned financial cooperatives, credit unions exist to serve their members rather than outside shareholders. Earnings are returned to members through better rates, lower fees, improved services, and investments in local communities. The people who use a credit union are also its owners, ensuring that decisions are made with members' best interests in mind.

Historically, credit unions were formed around shared bonds, whether through a workplace, profession, faith community, or geographic area. That cooperative spirit remains just as important today as ever. In a time when many families are facing affordability challenges and economic uncertainty, credit unions continue to provide trusted financial guidance, responsible lending, and opportunities for members to achieve their financial goals and pursue the American Dream.

As we prepare for our fall Hike the Hill efforts, we are closely monitoring legislation and regulatory proposals that could impact the members we serve. One example is the Credit Card Competition Act, which could reduce important card benefits, rewards programs, and fraud protections relied upon by consumers. We will continue advocating for policies that protect member choice and preserve access to affordable financial services.

At the same time, we are supporting positive legislative solutions, including the Expanding Access to Lending Options Act. This legislation would extend the maturity limit for most credit union loans from 15 to 20 years, remove the primary-residence requirement from certain mortgage loans, and provide the NCUA Board with greater authority to establish longer maturities for specific loan types. These changes would give credit unions additional flexibility to meet member needs, expand access to affordable credit, and provide more options for borrowers.

We also remain committed to strengthening efforts to combat fraud and protect consumers from increasingly sophisticated scams that target hardworking Americans. Every dollar lost to fraud is money taken from families, businesses, and communities, making this issue a top priority for our movement.

Labor Day reminds us that strong communities are built when people work together toward a common purpose. That principle has guided credit unions for more than a century, and it continues to drive our advocacy efforts today. We look forward to championing policies that strengthen credit unions, protect consumers, and help our members build a stronger financial future.

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