NCOFCU Advocacy Efforts
The National Council of Firefighter Credit Union (NCOFCU) is dedicated to advocating for the first responder credit union industry and addressing issues that impact first responder workers, their families, and the credit unions that serve them. As part of our First Responder Advocacy, we work to shape and guide conversations around pressing issues with key decision-makers at various government agencies like the National Fire Administration, Capitol Hill, and the National Credit Union Administration.
Our mission involves representing first responder credit unions at the national level, and local communities. We understand the unique needs and concerns of first responder workers. By advocating for our members, we strive to ensure that legislative and regulatory decisions reflect the best interests of those who serve in the first responder communities and their loved ones.
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We can use your Help
You can use the following letters or your personal thoughts. Locate your Representative or Senator's website and go to their CONTACT tab and cut and paste the following subject and body.”
Support for H.R. 3170, the Homes for Every Local Protector, Educator, and Responder (HELPER) Act
I am reaching out to you today on behalf of _______________ CU, located in ______________, where we proudly serve over ______ members.
The HELPER Act aims to establish a home loan program within the Federal Housing Administration, with the goal of making homeownership more affordable for law enforcement officers, firefighters, EMTs, paramedics, and PreK-12 teachers (first responders). Our members often share with us the challenges they face in affording their first homes. Therefore, our credit union fully supports the HELPER Act, which would grant our members access to affordable housing, enabling them to support their families while continuing to serve their communities.
We recognize the unwavering commitment and countless hours that first responders dedicate to keeping our communities safe. The COVID-19 pandemic has only magnified the ongoing difficulties faced by these courageous individuals, and obtaining a home loan should not be one of them. The HELPER Act program, similar to the Department of Veterans Affairs' home loan program, will be managed by the Federal Housing Administration. It aims to provide first responders with a low-interest, fully insured home loan, eliminating the need for a down payment and monthly mortgage insurance costs for their first-time home purchase. This initiative represents a crucial step towards affordable housing and financial security for our nation's first responders.
We appreciate your attention to this vital matter and hope that you will join _____________ Credit Union in supporting the HELPER Act.
Thanking you in advance for your consideration.
[Your Name]
[Your Position]
[Your Organization]
Keep Interchange Out of the NDAA
I am reaching out to you today on behalf of ______ CU, located in ______, where we proudly serve over ______ members. I want to express my strong opposition to any amendment on credit card interchange in the NDAA, particularly the Credit Card Competition Act (S. 1838). This legislation, despite its name, focuses more on boosting the profits of large retailers at the expense of community financial institutions and consumers. It effectively establishes a backdoor mechanism to control prices on credit card transactions, rather than promoting healthy competition.
In the past, when a price cap was implemented on debit interchange rates through the Dodd-Frank Act, the retail industry did not fulfill their promise to pass on the savings to customers. Furthermore, the so-called exemption for small institutions in the Durbin Amendment failed, resulting in negative consequences for all financial institutions and consumers. Introducing legislation on interchange would have severe ramifications for credit unions like mine, adversely impacting consumers' access to credit, raising concerns about data security, and potentially leading to the elimination of credit card rewards programs. I strongly urge you to oppose any non-germane interchange amendments to the NDAA and refrain from supporting any interchange-related bills.
Thanking you in advance for your consideration.
[Your Name]
[Your Position]
[Your Organization]
“Don't Tax My Credit Union”
Credit unions serving first responders promote the economic well-being of their members, including those of modest means. They are financial institutions that are member-owned, volunteer-directed, and not-for-profit. As one of those credit union member-owners, I know that my credit union offers financial products that provide better returns on savings, reduced rates on loans, and lower or no fees. Taxing credit unions would jeopardize these benefits and put more taxes on my family!
Though the big banks continue to push you to raise taxes and impose new fees on the more than 135 million credit union members like me, credit unions remain the best financial partner for communities like mine across America. They may say credit unions are growing too large, but banks hold more than 91% of all financial services assets, with the top four largest banks each individually holding more than the entire credit union movement!
As banks point fingers about credit union growth – what they don’t share is credit unions are adding branches while banks close branches down, leaving more communities across the country in financial deserts. While banks are quick to point out the cost of credit unions' tax exemption, they fail to mention the $18.8 billion in financial benefits that not-for-profit credit unions provide every year to members and non-members alike, the number of banks that have a Subchapter S tax status, or the $30 billion tax break banks received in recent tax law changes.
Please don't tax my credit union and put our community at risk of losing our member-owned, not-for-profit financial partner.
Thanking you in advance for your consideration.
“let them know which credit union you represent”
Concerns with the Credit Card Competition Act (HR 3881)
We believe the passage of this bill (HR 3881) would not benefit consumers but would benefit big-box retailers and e-commerce giants instead, according to our analysis. We argue that this legislation would increase the cost of basic banking services for consumers, hit lower-income families, and restrict access for first responder credit union members and their families, especially in a time of rising inflation.
We also argue that this legislation removes choice from consumers about payment network selection and puts it in the hands of big-box retailers, which could compromise the security and trust consumers have in their credit cards, and additionally could sacrifice important features and benefits. Finally, we believe that allowing merchants and retailers to select payment networks would eliminate an important stream of non-interest income which helps keep basic financial services affordable for first responder credit union members.
We are urging lawmakers to reject this bill and put consumers first by letting them decide how to pay for products and services.
Thank you in advance for your consideration,
“let them know which credit union you represent”
NCOFCU - CHAMPION FOR THE FIRST RESPONDER CREDIT UNION MOVEMENT
The National Council of Firefighter Credit Unions Inc (NCOFCU) is the only national association that advocates on behalf of all credit unions serving first responders. We work tirelessly to protect your best interests in Washington and all 50 states.
At each stage of your professional development, we will provide the necessary resources to help it flourish, we remain unwavering in our commitment to ensuring the financial security of all members, and we will tirelessly promote the first responder credit union narrative. Not a member? Join HERE