Sarah Snell Cooke has attended 22 of the last 23 CUNA Governmental Affairs Conferences and will be there later this month! After recently speaking with someone who is attending their first GAC, she thought it would make sense to offer up her insights. GAC is a great event for networking and feeling the power of the movement. It communicates a lot to credit union leaders internally to generate solidarity and common purpose. It also communicates to members of Congress, regulators and rival lobbies that the credit union community is strong and ready to stand up for itself and our members! Below is Sarah's take on what you will see and what you should see – and of course, communicate, but first, our show notes!

• 0:43 Some keynoter thoughts

• 1:34 Federal government history and highlights to see in DC

• 2:54 Restaurant recommendations

• 4:03 Grab some java

• 4:49 Breakout session suggestions

• 8:29 Hiking the Hills and the issues

• 11:52 Mitchell, Stankovic & Associates' Underground Collision

CUNA GAC

GAC features many, many informative sessions from the members of Congress speaking – believe me, you will hear at least half a dozen times how different politicians became credit union members and how the members of the other party are evil/insane. Despite how they behave, credit unions must remain neutral to political parties and not anti-bank in your communications with the Hill and regulators. Stay pro-credit union!

Consumer Financial Protection Bureau and “Junk Fees”

No doubt many will tackle the CFBP’s efforts to amend regulation Z to cap credit card late fees at $8. Yes, $8!! This is certainly a matter that will affect your credit union should it be implemented, so ensure your representatives know exactly what impact it will have on your specific credit union’s ability to serve members, particularly those with less-than-perfect credit.

Credit Union Board Modernization Act

CUNA will also be touting the Credit Union Board Modernization Act, which passed the House recently. It would change the requirement that federal credit union board’s meet every month to every other month. As a FCU board member, I’m torn on this particular topic. Yes, it would be more convenient to meet 6 rather than 12 times a year, but it also has the potential to weaken the relationship and dialogue between the board – who represent the membership – and management. Credit unions’ volunteer boards are a significant part of what makes credit unions unique, and we cannot threaten that philosophically nor regarding the tax exemption and the cooperative business model.

Federal Credit Union Interest Rate Cap

Federal credit union’s legislative authorities also cap interest rates at 18% (technically it’s 15%, but NCUA can raise it to 18%, but…it’s complicated). The agency recently extended the elevated 18% interest rate cap and is digging into what it might be able to do for credit unions during this unusual time. We try to do what’s in the members’ interest, and during these extraordinary times, more may be needed to support federal credit unions’ ability to continue lending to members, particularly those of modest means.

National Credit Union Administration

Check in across the river in Alexandria, Va., at the NCUA while you’re in DC. And you know the NCUA Board members will be spotted in the halls at GAC, too.

Community Development Financial Institutions Fund

Regarding philosophy, the CDFI Fund has proposed changes to its certification process. Most credit unions could qualify for benefits as Community Development Financial Institutions. If you are a CDFI-certified credit union or applying to become one, there are a few things you need to know. Speak up for your members – not against the current administration. That’s what your members of Congress are for! Learn more from our partners at CU Strategic Planning!

Mitchell Stankovic Underground Collision: Shattered

Also, if you’re in town on Sunday morning before GAC gets fired up, The Underground Collision by Mitchell, Stankovic & Associates will help you feel the credit union philosophy and tie it to modernization of our technology systems, policies & procedures and more!

Networking, Restaurants and More for your CUNA GAC Experience

GAC is more than its name indicates. As the largest conference for credit unions, networking opportunities abound. Credit union business partners are hosting their events where you can meet all types at most hours of the day and night. Heck, stroll through the Marriott Marquis bar, and you’ll run into dozens (or hundreds) of credit union people. But if you need a little one-on-one time, here are some options:

• The Monocle is a great place with AMAZING food to watch for legislators and other Washington Big Wigs.

• The Hamilton has a classy-without-being-too-stuffy restaurant and bar for chilling.

• Off the Record is a speakeasy with a cool, historic DC vibe. It can get a bit loud because it’s kinda small though.

• Compass Coffee is right inside the Washington Convention Center, ideally located for meetings beside lots of comfy sofas and chairs.

• If you need a little space from the credit union craziness, try La Colombe.

• Tour the Capitol building if you have the opportunity. It features amazing architecture and history.

• The Supreme Court features interesting exhibits of its rich history, too!