People First Agenda

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Advancing Communities Through Credit Unions

People First Agenda

The “people helping people” philosophy sustains Ohio’s not-for-profit, member-owned credit unions. It is what drives them to champion 3.2 million Ohio consumers through nearly one hundred years of fostering financial well-being of all people, families, businesses, and communities across the Buckeye State.

In the competitive financial services industry, credit unions improve the financial position of Ohioans simply by putting people first. Public policy impacts the ability for credit unions to meet the financial needs of all people. Similarly, all people benefit from enhanced financial services access provided by public policy that supports innovative and flexible credit union service, reach, and growth. Ohioans and their communities need public policy that encourages open and easy access to credit, financial market optionality governed by their needs, and community-based solutions that fuel Main Street economies. That’s because all people, families, businesses, and communities can achieve their dreams through credit unions.

Ohio credit unions activate their passion for standing up for others by working to protect, enhance, and promote consumer financial well-being through government advocacy. This is accomplished by championing consumers with a deep commitment to growth, integrity, and transparency. The following policy principles, priorities, and goals shape the ability for credit unions to meet Ohio consumer and community economic needs.

Meeting unmet financial needs for more people, families, and businesses

Advancing communities through Main Street solutions

Ensuring affordable access to credit through people-driven financial services
Placing people over profit by preserving cooperative financial services
Protecting consumers while fostering financial services innovation
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The Ohio Credit Union League’s People First Agenda policy goals:
PEOPLE FIRST AGENDA

ENSURING AFFORDABLE ACCESS TO CREDIT THROUGH

PEOPLE-DRIVEN FINANCIAL SERVICES

People, families, businesses, and communities need access to safe, reliable, and affordable financial services. In turn, credit unions focus on prioritizing member needs while providing affordable access to credit. For consumers to financially flourish, public policy must encourage member-owned, not-for-profit, financial cooperatives to serve and grow through flexible and evolving regulation.

Consumers are best served in a regulatory environment that empowers service flexibility and operational choice through the following principles:

► A modernized, dual-charter system encourages competitive, operational choice.

► Regulation tailored for asset and risk profiles accommodates credit union diversity.

► Regulatory redundancies lead to operational confusion and inefficiency.

► Maximum flexibility for credit unions when making lending decisions.

► Burdensome reporting and data collection requirements stifle superior consumer service.

Consumers can maintain affordable access to credit through the following policy goals:

► Regulatory parity for state and federally chartered credit unions.

► Deposit insurance choice and equitable regulatory treatment.

► Consistent, non-conflicting, and non-duplicative regulations for regulatory clarity.

► Regulatory environment that prioritizes proportionality.

► Vendor due diligence requirements focused on safety and soundness.

► Flexibility for credit unions to lend to any legal business, without government intrusion.

► Reporting efficiencies that drive better member focus and service.

► Local economies are inclusive and expand through small business growth and development.

People, families, businesses, and community needs are best served when there is a balance between the impact and cost of regulation and the benefits it provides consumers.

PEOPLE FIRST AGENDA 2

MEETING UNMET FINANCIAL NEEDS FOR MORE PEOPLE, FAMILIES, AND BUSINESSES

Communities need access to financial services, and credit unions are uniquely positioned to serve them. As not-for-profit, member-owned financial cooperatives, credit unions are built to provide people, families, and businesses with the resources they need to meet their goals and achieve their dreams.

Communities have unmet financial needs, and credit unions are a market-based solution designed to meet them through the following policy principles:

► Financial institution options foster better consumer costs and opportunities.

► Increased access to financial services fuels the economy and drives financial well-being.

► Digital economic demands give consumers easier access to financial services.

► Market consolidation impacts community access to financial services.

► Cooperative financial institutions are best positioned to meet consumer needs.

People and community-based needs are met through credit unions with the following policy goals:

► Unimpaired community depository options ensure access and reduces costs.

► Small business access to affordable capital contributes to a stronger workforce.

► Consumers have access to lending that meets kitchen table realities.

► Digital economies extend financial opportunities to all people and communities.

► Financial institution access barriers are eliminated so more people can be served.

PEOPLE FIRST AGENDA 3
Consumers, businesses, and communities need greater ability to partner with credit unions to meet their unique financial needs.

ADVANCING COMMUNITIES THROUGH MAIN STREET SOLUTIONS

Communities thrive when the people living in them have access to resources and opportunities that foster greater financial well-being. As member-owned financial institutions, credit unions work to improve consumer savings, help families access affordable housing, increase financial awareness, invest in businesses, and advance communities by building stronger financial futures.

Communities advance when the financial lives of individuals, families, and businesses are strengthened through the following policy principles:

► Financial education empowers consumers and communities with information.

► People and families succeed with access to affordable and reliable housing.

► Access to adequate employment helps people take better care of their families.

► Financial programming tailored for immediate needs wards off financial instability.

► Businesses help sustain local economies.

Advancing communities by serving one member at a time is possible through the following policy goals:

► People of all ages have free access to expert financial education and resources.

► Ohioans and communities have adequate and affordable housing options.

► Workforce development, recruitment, and retention drives economic success.

► People have access to consumer-friendly financial services options.

► Local economies are inclusive and expand through small business growth and development.

PEOPLE FIRST AGENDA 4
Credit unions are a main-street solution providing affordable and accessible financial solutions that enable people and their communities to succeed.

PLACING PEOPLE OVER PROFIT BY PRESERVING COOPERATIVE FINANCIAL SERVICES

People and communities thrive when financial well-being is prioritized over profit. That is why people created credit unions during the Great Depression; for-profit institutions limited lending and cut off critical access to credit. Since their origin, not-for-profit, member-owned credit unions prioritize providing financial solutions for the people, families, businesses, and communities they serve.

Consumers’ financial needs are best served by the cooperative financial service providers that help them navigate life through the following policy principles:

► People, families, businesses, and communities’ needs are valued above profit.

► Consumers are empowered through financial services marketplace competition.

► People and communities grow and succeed with consumer-centric service and attention.

► Communities are supported and protected through cooperation and collaboration.

People, families, businesses, and communities can thrive and succeed through the following policy goals:

► Consumer financial independence is achieved through people-centric financial services.

► People and communities with financial services choice are financially empowered.

► Families and businesses have access to affordable financial services programming.

► Consumers are better protected from financial exploitation and fraud.

Consumers’ well-being is sustained by their member-owned credit unions by prioritizing individual needs over profit.

PEOPLE FIRST AGENDA 5

PROTECTING CONSUMERS AND FOSTERING FINANCIAL SERVICES INNOVATION

Consumers need stronger protections as they navigate a financial services landscape full of data traps and potential abuse. Misleading and underregulated digital payments and service providers take advantage of a patchwork of data privacy laws and offer financial services-like products that risk consumers’ hardearned assets.

Ohioans are protected when digital service providers and networks are held to the same rigorous financial institution standards that follow these policy principles:

► Consumer privacy and security reassurance preserves trust and confidence.

► Inconsistent and competing regulations disrupt people-focused service.

► Innovation and change drive better consumer protection and service.

► Common-sense consumer protections encompass all financial service providers.

► Regulatory standards preserve safety and soundness when consistently defined and executed.

Consumers would be better served through stronger protections accomplished through the following policy goals:

► Consistent consumer data and activity remains confidential, private, and unreported unless necessary.

► Digital payments and service providers have rigorous operational and oversight standards.

► Established and regulated financial services providers freely innovate to meet evolving consumer needs.

► Consumers are protected through predictable, consistent, and equally applied regulations.

PEOPLE FIRST AGENDA 6
People, families, and businesses need safe and reliable access to financial services from providers who freely innovate while prioritizing data privacy and consumer protection.
10 West Broad Street, Suite 1100. Columbus, Ohio 43215 www.OhioCreditUnions.org Phone: (800) 486-2917 Email: OCULMail@ohiocul.org Facebook.com/WeAreOCUL Instagram.com/weareocul/ Linkedin.com/company/ohio-credit-union-league/ Twitter.com/weareocul

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