Issues-Packed GAC Offers Chance to Get Involved
We certainly have our hands full of issues these days:
- Data security, as exemplified by the Target data breach and which cost credit unions at least $30.6 million (so far), mostly the result of costs credit unions incurred in reissuing more than 4.6 million debit and credit cards;
- The proposed “risk-based capital rule,” which, if implemented – according to our analysis – would lead to credit unions needing to hold as much as $7.3 billion in additional capital, as they would struggle to raise funds to maintain their current margins above capital requirements;
- Protecting our tax exemption, front and center for us anytime that tax reform is an issue within the Congress.
As credit unions gather for the 2014 CUNA Governmental Affairs Conference in Washington, these issues (among others) are foremost in the minds of many of our participants. Further, these issues all have something in common: To be resolved, they all require active involvement by credit unions and their supporters.