Prepared Remarks by U.S.
Senator Chuck Grassley of Iowa
Chairman, Senate Finance
Credit Union National
Association’s 2020 Governmental Affairs Conference
Wednesday, February 26,
morning, and thank you for the invitation to speak. Yesterday, I had the
opportunity to hear from the CEOs of many credit unions from across the state
always enjoy hearing from Iowans. I especially enjoy hearing about the positive
impact that credit unions are able to make in their local communities in Iowa.
looking for a mortgage, to buy a car or to finance a small business, Iowans and
all Americans turn to credit unions.
mission to serve your members allows people in rural and low income communities
to access loans at affordable rates.
as importantly, you serve your communities by looking out for your members and
helping to protect them from fraud and financial exploitation.
2018, I helped ensure the passage of the Elder Abuse Prevention and
Prosecution Act. This law equips law enforcement with additional tools to
combat financial and other crimes against older Americans.
has also passed the Senior Safe Act of 2018.
bill protects financial services professionals, such as employees of credit
unions, from being sued over privacy and other violations for reporting
suspected elder financial abuse to law enforcement.
also encourages training for employees of credit unions and banks to recognize
the signs of financial exploitation.
just one example of how the federal government can help you serve your members.
long been an advocate of removing unnecessary regulations, especially on credit
unions and smaller institutions. You weren’t responsible for the financial
crisis, and you shouldn’t be regulated like those who were.
was happy to help Congress pass the Economic Growth, Regulatory Relief, and
Consumer Protection Act in 2018. This bill streamlines regulations and
frees up resources for smaller institutions.
want to make it easier for you to extend credit and offer services to working
and money spent complying with burdensome regulations is time and money that
should be spent serving your members.
keep working to reduce government red tape so that our economy can continue to
area where Congress can work with credit unions to protect consumers is in data
security and privacy. In my meetings with credit unions, I’ve heard that this
is an increasingly important issue.
I was chairman of the Senate Judiciary Committee, I convened two hearings on
data privacy and security.
dialogue about what can be done to protect consumers’ information is
continuing, but it’s going to require bipartisan agreement.
clear that the status quo no longer works.
– and all stakeholders – must work together to protect Americans’ personal and
financial information from criminals and foreign bad actors.
Congress continues to debate this issue, we need to make sure we get it right.
approaches aren’t always the answer. And we shouldn’t construct needless barriers
to innovation and consumer choice.
I always say, representative government is a two-way street.
my job to listen to folks like you. And it’s your responsibility to come to
lawmakers with your thoughts on the issues.
unions have always promoted dialogue and contributed to our representative
government. I encourage you to continue to share your stories and advocate for
your members to lawmakers like me.
you again for those of you from Iowa. And thanks to all of you for serving your
communities and helping our economy and our nation thrive.
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