IOWA’S CREDIT UNION ALLIES AT THE STATE AND FEDERAL LEVEL Iowa Credit Union League | 7445 Office Plaza Dr. North, Suite 170 | West Des Moines, IA 50266 | IowaCreditUnions.com/elections YOUR VOTE MATTERS. Thank you for advocating the credit union difference. Your leadership in the Iowa credit union movement is a very important reason that Iowans have an alternative to for-profit banking institutions. All Iowans and their communities benefit from the competition provided by credit unions in the marketplace. Your grassroots participation in the legislative process helps lawmakers be mindful of the difference in structure, the products and services offered, as well as the membership and communities served. The support shown through grassroots activities and contributions to the Credit Union Political Action Committee (CUPAC) are vital in our efforts to help lawmakers better understand the credit union industry and elect candidates who share in the credit union philosophy. As part of our member engagement efforts, we have included a list of candidates running in the 2018 election who are being supported by CUPAC. We hope you will share this information with your credit union team as well as your membership. Thank you for the time and energy you spend to improve the Iowa credit union movement, and for your contributions to CUPAC. Sincerely, Murray Williams Justin Hupfer CEO/President CEO Iowa Credit Union League PolicyWorks Iowa Credit Union League | 7445 Office Plaza Dr. North, Suite 170 | West Des Moines, IA 50266 | IowaCreditUnions.com/elections IOWA’S STATE CREDIT UNION ALLIES House of Representatives Abdul-Samad, Ako D - Des Moines McConkey, Charlie D - Council Bluffs Anderson, Marti D - Des Moines Meyer, Brian D - Des Moines Bacon, Rob R - Slater Miller, Phil D - Fairfield Bearinger, Bruce D - Oelwein Mohr, Gary R - Bettendorf Bennett, Liz D - Cedar Rapids Nielsen, Amy D - North Liberty Bergan, Michael R - Dorchester Oldson, Jo D - Des Moines Best, Brian R - Glidden Olson, Rick D - Des Moines Bossman, Jacob R - Sioux City Ourth, Scott D - Ackworth Breckenridge, Wes D - Newton Paustian, Ross R - Walcott Brenner, Vicky D - Winterset Rogers, Walt R - Cedar Falls Brink, Holly R - Oskaloosa Running-Marquardt, Kirsten D - Cedar Rapids Brown-Powers, Timi D - Waterloo Smith, Mark D - Marshalltown Carlson, Gary R - Muscatine Smith, Ras D - Waterloo Cohoon, Dennis D - Burlington Staed, Art D - Cedar Rapids Cownie, Peter R - West Des Moines Steckman, Sharon D - Mason City Deyoe, Dave R - Nevada Thede, Phyllis D - Bettendorf Dolecheck, Cecil R - Mount Ayr Upmeyer, Linda R - Clear Lake Egan, Lori D - Waukon Wessel-Kroeschell, Beth D - Ames Ehlert, Tracy D - Cedar Rapids Wheeler, Skyler R-Orange City Forbes, John D - Urbandale Winckler, Cindy D - Davenport Fry, Joel R - Osceola Windschitl, Matt R - Missouri Valley Gaines, Ruth Ann D - Des Moines Wolfe, Mary D - Clinton Gaskill, Mary D - Ottumwa Gerhold, Thomas R - Atkins Grassley, Pat R - New Hartford Hagenow, Chris R - Windsor Heights Hall, Chris D - Sioux City Heddens, Lisa D - Ames Hein, Lee R - Monticello Highfill, Jake R - Johnston Senate Hinson, Ashley R - Marion Bertrand, Rick R - Sioux City Hunter, Bruce D - Des Moines Bisignano, Tony D - Des Moines Huseman, Dan R- Aurelia Bowman, Tod D - Maquoketa Isenhart, Chuck D - Dubuque Celsi, Claire D - West Des Moines Jacoby, Dave D - Coralville Nunn, Zach R - Bondurant James, Lindsay D - Dubuque Ragan, Amanda D - Mason City Kacena, Tim D - Sioux City Wahls, Zach D - Coralville Kaufmann, Bobby R - Wilton Klein, Jarad R - Keota Koester, Kevin R - Ankeny Konfrst, Jennifer D - Windsor Heights Kressig, Bob D - Cedar Falls Kurth, Monica D - Davenport Kurtz, Jeff D - Fort Madison Landon, John R - Ankeny Lensing, Vicki D - Iowa City Lundgren, Shannon R - Peosta Current as of 10-1-18 Mascher, Mary D - Iowa City Iowa Credit Union League | 7445 Office Plaza Dr. North, Suite 170 | West Des Moines, IA 50266 | IowaCreditUnions.com/elections IOWA’S FEDERAL CREDIT UNION ALLIES Iowa Congressional Overview – District One ABBY FINKENAUER ROD BLUM (D – Dubuque) (R – Dubuque) Q: Retailers do not face the same strict data security standards that financial institutions are subject to under the Gramm-Leach-Bliley Act (GLBA). Major merchant data breaches expose credit unions to significant monetary costs and reputational risk. Robust data protection and notification standards, which credit unions and banks are already subject to, should be in place for all retailers. Do you support a strong national data security standard for merchants and retailers? FINKENAUER: I am absolutely in favor of strong national data security standards to BLUM: Yes. keep businesses and American consumers’ data safe. I will support putting this in place in a way that does not harm the ability of small businesses, which have less ability to quickly absorb new costs, to compete. Q: The Consumer Financial Protection Bureau (CFPB) was created to protect consumers from unscrupulous practices of the nation’s big banks. However, in some cases, the implementation of its regulations has been too broad. Credit unions, who were not responsible for the financial crisis, are generally subject to the same CFPB regulations as Wells Fargo and Citibank. This regulatory burden is costly and unnecessary, yet the CFPB has not been responsive to exempting smaller financial institutions from some of the rules. Would you support additional accountability measures for the CFPB? FINKENAUER: I would have to study these changes in more detail to ensure that they BLUM: Yes. accomplish the goal of treating all institutions fairly while also continuing to protect Americans from corporate wrongdoing. But I recognize and support the role that credit unions play in strengthening communities across Iowa, as well as the differences between how credit unions and big banks operate. I will always be attentive to the nature of credit unions when considering financial regulatory issues, as well as the importance of ensuring they are able to continue to serve families here in eastern Iowa. Q: More Iowa business owners are finding it difficult to access additional capital. Currently, federal law limits credit unions from making member business loans beyond 12.25% of their assets. Raising this business lending cap would inject new capital into Iowa’s economy and create new jobs. Would you support raising the member business lending cap? FINKENAUER: I am open to raising this cap provided we do so in a way that does not BLUM: Did not respond. put the solvency of these institutions at risk, imperil our financial system, or risk hurting working Iowans. Overall, freeing up access to capital for small businesses in Iowa is a critical goal that will strengthen our communities, and I support safe and effective ways to accomplish that. Credit unions are a vital link in this process. Q: Iowa banks and credit unions are taxed the same in terms of property, employment and sales taxes. However, due to our different ownership structure and not-for-profit status, cooperatively-owned credit unions are exempt from federal and state corporate income tax—instead, credit unions pay a state moneys and credits tax. Do you support the current tax status of credit unions? BLUM: Did not respond. FINKENAUER: Yes, I do not have any intention of changing tax law in this area. I will always be attentive to the effects any potential changes COMMENT: My mother and father were lifelong members of Dupaco Credit to tax law have on credit unions that serve Iowans so we can keep our Union, so I know first hand the important role that credit unions play in our Iowa communities strong and with access to responsible credit. communities, especially inproviding services to working families. I will continue to be a strong advocate for regulatory relief so that credit unions can provide their services to Iowans without unnecessary burdens and barriers from the federal government. It appears to me that banks and credit unions are doing well today. I’m all for that! If certain larger credit unions wish to remove lending and capital restrictions and efflectively become more like full service banks, then I believe we should level the playing field between banks and those credit unions over a certain size by bringing their tax structures more into alignment. Iowa Credit Union League | 7445 Office Plaza Dr. North, Suite 170 | West Des Moines, IA 50266 | IowaCreditUnions.com/elections IOWA’S FEDERAL CREDIT UNION ALLIES Iowa Congressional Overview – District Two DAVID LOEBSACK CHRISTOPHER PETERS (D – Iowa City) (R – Coralville) Q: Retailers do not face the same strict data security standards that financial institutions are subject to under the Gramm-Leach-Bliley Act (GLBA). Major merchant data breaches expose credit unions to significant monetary costs and reputational risk. Robust data protection and notification standards, which credit unions and banks are already subject to, should be in place for all retailers. Do you support a strong national data security standard for merchants and retailers? LOEBSACK: Yes. It is very important to me that consumer data is PETERS: Did not respond. protected by any company with access to it. The types of breaches we’ve seen over the last several years are unacceptable and we must do a better job of protecting Iowans from future attacks as our economy continues to advance into the cyber age. Q: The Consumer Financial Protection Bureau (CFPB) was created to protect consumers from unscrupulous practices of the nation’s big banks. However, in some cases, the implementation of its regulations has been too broad. Credit unions, who were not responsible for the financial crisis, are generally subject to the same CFPB regulations as Wells Fargo and Citibank. This regulatory burden is costly and unnecessary, yet the CFPB has not been responsive to exempting smaller financial institutions from some of the rules. Would you support additional accountability measures for the CFPB? LOEBSACK: No.