Vote YES to S 2155
Credit Unions have a philosophy - "People Helping People". As a member of UFirst FCU, you are a partial owner of our organization. You have a voice and that voice has power.
In response to the 2008 recession, a regulation was passed to impose rigorous standards across the entire financial industry. The current set of complex Washington regulations were created to rein in the big Wall Street banks. But these one size fits all rules do not work for credit unions and community banks on Main Street. We agree that regulations serve an important purpose within our industry, but one size fits all regulations only end up hurting consumers.
What is UFirst FCU's Response?
Recently, UFirst CEO, Linda Bourgeois; VP of Finance, Kasey Kirk and Board of Director & Supervisory Committee Chair, Bob Gertsch, traveled to Washington where they participated in CUNA's Governmental Affairs Conference (GAC). It was there that they hiked the hill and made their voices heard, advocating for members like you and me. You may not even be aware of the regulatory burdens that credit unions face or how it limits us from serving our members to the best of our ability, but we do. You should know that we, as your trusted financial partner, are taking action against these excessive regulations, but we can't do it alone.
Regulations that favor the big Wall Street banks are hurting millions of credit union members by:
- Costing credit unions over $7.2 billion annually in operations costs and lost revenue due to current regulations - more than $71 per member.
- Leading to higher costs and longer wait times for mortgages and loans.
- Limiting your options and making it harder for credit unions to provide the services and products you need.
What Can You Do To Help?
Together, we can use our collective power to help limit excessive regulations from hurting members like you and me. Years ago, we came together and fought against the "Don't Take My Credit Union" campaign and now we're asking for your help again. Recently, a bipartisan group of Senators released S. 2155, that would provide regulatory relief to Main Street financial institutions including credit unions and community banks while maintaining regulations for Wall Street. Here's what you can do to show your support:
- Learn more about the Common Sense Regulation and how it impacts the country and those of us in New York State.
- Take Action! Make your voice heard now and tell Congress by phone, email or twitter to support S. 2155!
Let your U.S. Senators and representatives know today that you want them to make fixing costly regulations on credit union a top priority as this legislation heads to the Senate! Tell Congress we need common sense regulations that allow local institutions like UFirst Federal Credit Union to decide what's best for its members and communities, as we always have.
Thank you for your support!!