Current Issue
Middle Class Campaign for Common Sense Regulation
Credit unions are not-for-profit financial cooperatives that provide high-quality, affordable services to 105 million American consumers—their member-owners. During the financial crisis, while big Wall Street banks had to be bailed out by taxpayers, financially sound credit unions like Mid American helped middle-class families weather the storm.
Mid American members didn’t cause the problems that pushed the economy into the Great Recession, so why are we being punished like the gigantic banks that did?
Instead of focusing on the real problems with Wall Street, Congress and Washington bureaucrats over corrected and created expensive new regulatory burdens that hurt credit union members on Main Street.
- Out-of-control federal regulations have a staggering $7.2 billion total impact on credit unions.
- Since 2010, total regulatory costs for credit unions have increased by 39%.
- Credit unions lost $1.1 billion in revenue due to regulatory costs.
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Why should I advocate for credit unions?
Membership in a not-for-profit credit union is an important option for consumers. Banks and other financial institutions are motivated by maximizing profits for their investors. Credit unions are owned by their members, which means we work only in your best interests. When new laws and regulations are proposed that might restrict your ability to join a credit union or harm the financial health of credit unions, your voice is needed to let legislators know that their constituents are concerned.
Advocacy is your opportunity to help when issues arise that would negatively impact credit unions. We face proposals for new laws and burdensome regulations every year. Such changes, when enacted, hold the potential to cause harm to the financial health of Mid American and other credit unions. This reason is why we ask for your help from time to time to contact legislators and regulators. This advocacy section of our web site is your source for the latest on issues affecting credit unions and for easy communication with legislators in Washington, D.C. and Topeka.
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