In the past weeks, much attention has been given to credit union issues and the impact of the U.S. Supreme Court ruling. Two bills have been introduced in the U.S. Congress to help remedy the situation. A recent letter in the Readers' Forum by Staci Mecham did not present the best legislative option for credit unions.
Ms. Mecham wrote in support of Rep. Chris Cannon's bill designed to grandfather existing credit union members so they are not divested from their credit union due to the U.S. Supreme Court ruling. While the intent of Congressman Cannon's bill to preserve existing credit union members is appreciated, this bill is flawed because it is a mere Band-Aid for a larger problem.Focusing solely on a bill designed to remedy the situation is in the best interest of credit unions. The Credit Union membership Access Act, HR11561, will guarantee the right of millions of Americans to choose to join credit unions. This bill clarifies that a credit union may serve more than one group, each of which has its own common bond, while securing current credit union memberships.
Contrary to Ms. Mecham's claim that Rep. Cook has not "stepped up to the plate," he has made it a priority to consistently and frequently communicate with credit union members/owners to discuss current credit union issues.
I do agree with Ms. Mecham that if you enjoy the benefits of credit union membership or if you simply enjoy knowing you can choose your financial institution, call and write your U.S. legislators today. Utah has 1 million credit union members. The significance of that number will mean nothing to our congressmen and senators if they do not hear from us. Don't accept a Band-Aid solution. Support HR1151.
Scott G. Earl
President, Utah League of Credit Unions
Salt Lake City