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HOW CUNA DELIVERED: In 2010 and long term IN 2010:


Blunted consumer bureau impact: We stayed at the table with the administration and the Congress while both cobbled together a Bureau of Consumer Financial Protection; by not just saying “no,” we were effective in influencing a number of important changes for credit unions, including: • No “plain vanilla” products requirement; • “No pay” for “no play” (CUs will not pay to fund the bureau); • No deposit account data reporting requirement; • CU representation on council overseeing bureau rules; • Mandated: Impact on CUs must be considered in rules.

Influenced new bureau’s focus: With a goal of reducing the regulatory burden of credit unions, we inspired language in the law directing the bureau to review and address outdated, unnecessary and unduly burdensome regulations. Maintained $250k insurance: We convinced Congress to keep the $250,000 share insurance level intact, rather than letting it revert to pre-2008 levels (and kept credit unions on par with all other financials). Saved CUs $$: We helped defeat an amendment imposing a usury ceiling on financial institutions and another limiting ATM fees to 50 cents; We worked with the Treasury Department drafting compromise language on remittances restrictions and disclosures, essentially winning exemptions for international wire transfers initiated by credit unions; we successfully modified legislation to keep credit unions from having to pay into the funeral fund for huge, failing, for-profit companies. Posted political success: 14 members of Congress (11 House members, 3 senators) – more than ever before -- now hold their seats through “special relationship” programs of independent expenditures and partisan communications by CUNA and the Leagues; eight were elected just last year. Deflected UBIT: We struck another, strong blow against UBIT being applied to credit unions with our steering committee partners (CUNA Mutual, AACUL and NASCUS); by winning the Colorado case so strongly, the government rejected an appeal. Addressed corporate crisis: CUNA was the hands-down leader in helping credit unions make sense of and then respond to the corporate credit union crisis. Our corporate credit union task force and, its successor, the “next steps” working group, gave credit unions the opportunity to focus their thoughts and provide informed insights to NCUA on its rules and actions. Kept NCUA independent: We persuaded Congress to keep NCUA as the independent regulator of credit unions, and keep the NCUSIF separate from the FDIC.

Preserved Credit Unions’ Federal Tax Exemption

Preserved Credit Union Access for Millions of Consumers in overturning Supreme Court ruling in the Congress

Won an Eight-Year Battle for Bankruptcy Abuse Reform Legislation

Ensured Credit Unions are Part of (Balanced!) Regulatory Relief Legislation

Raised Political Involvement to New Levels and Established Credit Unions as a Powerful, Ongoing Presence in Washington

Spearheaded Challenge to the IRS over UBIT

Changed Numerous NCUA Rules (with Significant Business/Cost Implications for CUs) for the Better

Championed the CU System’s Interests in Court

Garnered Unprecedented Positive National Press for Credit Unions

Advanced programs to help lower-income and minority members

Moved Credit Unions to the Forefront of Financial Literacy

Created Unique and Comprehensive On-Line Legal/Compliance Resources for Credit Unions

Leveraged the press: In our effort to help consumers “move their money,” • Served as a Critical Catalyst for we reached out to millions of consumers through positive stories in national and major market publications and broadcast, such as the New York Times; in support of efforts on member business lending, we successfully reached out to tell the story about how credit unions were still lending (and banks weren’t), such as in USA Today.

Credit Union National Association/Jan. ‘11