Government Affairs Conference attendees closed their Monday afternoon with a choice between several breakout sessions, each bringing America’s Credit Unions, leagues, credit unions, and stakeholders together to dive deep on pressing issues for the industry.

The economics team hosted a comprehensive economic update in the main hall, where Chief Economist Mike Schenk explained how credit unions are among the most pro-consumer forces in financial services.

“They have better rates for members, and their presence causes banks to price in more consumer-friendly ways,” Schenk said. “That’s $37 billion in advantage just in the year ending September 30, 2024. By the way, the government estimates the cost of those benefits are about $3 billion, which means about a 1,300% return on the investment, which is amazing.”

Head of Emerging Issues and Deputy Chief Economist Curt Long examined the data behind bank-facilitated credit union myths, showing how the numbers time and time again show the credit union difference. He also highlighted how credit unions have opened a net 560 branches in the last decades, while big banks have closed thousands over the same time period.

“Credit unions’ very different approach to banking is valued by policymakers, especially when these branches are open and serving the people in their district,” he said. 

Senior Economist Dawit Kebede shared how America’s Credit Unions is using a massive dataset of consumer transactions for in-depth detail on the credit union difference, and how the organization is using that data to reach out to academics and other fields to tout the credit union difference.

Senior Economist Ligia Vado shared how America’s Credit Unions puts that data into channels leagues and credit unions can use when advocating. 

When it comes to the art of lobbying, advocates must know the policymaker (and staff) they are meeting with to come up with the best ways to connect. America’s Credit Unions Senior Vice President of Advocacy Greg Mesack led a panel on the ins and outs of lobbying to ensure credit union priorities are accomplished no matter who controls Congress. 

Panelists especially emphasized making connections with new members and staff, and showing how credit unions are a resource to legislators looking to help constituents.

Nate Lane, manager of federal affairs with the Carolinas Credit Union League, said the league had six new members in the 119th Congress, and the league and credit unions met with each member “twice before they were sworn in in January.”

Erin Moore, government relations director at OnPoint Community Credit Union in Oregon, said new members are often unfamiliar with—but need to hear about—credit unions’ long history of serving the underserved, and that “freshman offices really seem to appreciate that context.”

America’s Credit Unions Director of Innovation and Technology Andrew Morris led a session on open banking, specifically how the CFPB’s finalized Section 1033 rule brings challenges and opportunities. The rule—finalized in October—requires financial institutions to release an individual’s personal financial information at no cost.

Other breakouts Monday afternoon included the latest on the Don’t Tax My Credit Union campaign, using AI to engage members, and hot topics in compliance.

Tuesday morning will feature another full slate of breakout sessions.