The Credit Union Association of New Mexico improves the financial well-being of over one-million New Mexico credit union members through legislative and regulatory advocacy.

We are committed to working together with our member credit unions to be a voice that helps create a strong movement for credit unions and credit union members. Our legislative advocacy educates lawmakers at the state and federal levels about the credit union difference.

Sharing stories about how your credit union has helped members and constituents is critical to fostering a legislative agenda that allows NM credit unions to grow and thrive. Our regulatory advocacy efforts work with state and federal agencies to shape regulations, reduce the compliance burden, and facilitate flexibility that allows credit unions to evolve to meet members’ needs.

We do this by helping New Mexico credit unions understand proposed rules and their potential impact on operations. For more information on how you can be involved, please contact Sarah Polsin, Advocacy Coordinator at

2023 Advocacy Updates

Federal Update

Fortunately, interchange did not find its way into the National Defense Authorization Act that was recently passed by Congress in July! We extend our gratitude to all those who have already reached out to their congresspersons to express their opinions on this bill and to ask them to oppose this legislation. Nevertheless, we should remain vigilant as we anticipate further actions and developments concerning this bill in Congress.

 The Credit Card Competition Act of 2023 (“Interchange Bill”) was introduced in both the House and the Senate. Interchange fees are fees that retailers and merchants pay financial institutions (credit unions) when credit cards are used. These fees protect consumers from credit card fraud, fraudulent purchases, as well as monitor your credit. The bill would change the way that credit card purchases are routed through networks, increasing the risk of fraud for consumers. You can find more information on interchange on the CUNA website here.

You may continue to reach out to your U.S. Congressional offices today through the action alert available through CUNA to let them know that you are against this bill!

The CUNA Governmental Affairs Conference was held February 26 – March 2, 2023 in Washington, D.C. This is one our movement’s largest gatherings of the year and in 2023 brought together over 5,700 to show lawmakers the credit union difference. CUNA GAC is our opportunity to highlight the meaningful work credit unions are doing to improve the financial well-being of their members and communities. See CUNA GAC 2023 Highlights, Photos and Video

State Update

Throughout the 2023 New Mexico legislative session, the Association stayed busy tracking several Bills. We worked directly with legislators and coalitions. offered amendments that were ultimately accepted, testified on behalf of credit unions and are pleased to report that there will be minimal impact to credit unions following the 2023 legislative session.

Below is a list of the Bills tracked this session, including a brief summary, link and actions taken on each Bill as of Thursday, April 13, 2023.

HB 44 – Federal Home Loan Banks

This bill was introduced in the House by Representative Marian Matthews from Bernalillo (District 27). The bill allows for additional protection for Federal Home Loan Bank (FHLB) when liquidating an insolvent insurer. Credit unions who use funds from the FHLB will benefit from FHLB’s increased stability. HB 44 passed the House but has not yet passed the Senate.

HB 62 – Limit Car Sale Locations and Sellers

This bill was introduced in the House by Representative Bill Rehm from Bernalillo (District 31). Among other things, the bill limits car sales to four per year unless you are a registered vehicle owner, holder of a perfected secured interest or a licensed motor vehicle dealer. The Association provided the amendment offered on the House Floor that ensured credit union’s selling repossessed vehicles would not be subject to the requirements created by this bill. HB 62 has passed both the House and the Senate and was signed by the Governor on April 5, 2023. HB 62 will go into effect on July 1, 2023.

HB 162 – School Graduation Requirements

This bill was introduced in the House by Representatives G. Andres Romero from Bernalillo (District 10) and T. Ryan Lane from San Juan (District 3). This bill reduces the number of credits needed to graduate from high school. It was amended to include personal financial literacy as a course content in economics. HB 162 passed both the House and Senate but was vetoed by the Governor.

HB 165 – Uniform Unclaimed Property Act

This bill was introduced in the House by Representative Greg Nibert from Chaves (District 59). The intent of the bill was to revise the Uniform Unclaimed Property Act. The existing Uniform Unclaimed Property Act allows credit unions to designate their unclaimed property funds to be used for educational or charitable purposes, provided that the credit union’s bylaws authorize such action. HB 165 passed both the House and the Senate but was pocket vetoed by the Governor.

HB 228 – Improvement Special Assessment Act

This bill was introduced in the House by Representatives Linda Serrato of Santa Fe (District 45), Nathan Small of Doña Ana (District 36), and Kristina Ortez of Taos (District 42). The bill proposes a financing mechanism to encourage clean energy and energy efficiency improvements to commercial, industrial, agricultural, and multifamily properties. This bill impacts credit unions because the special assessment would be repaid before a creditor mortgage when foreclosure occurs. HB 228 passed the House and the Senate and was signed by the Governor on April 5, 2023. HB 228 will go into effect on June 16, 2023.

HB 279 – Personal Finance Class for Graduation

This bill was introduced in the House by Representatives Cathrynn Brown from Eddy & Lea (District 55) and Jenifer Jones from Doña Ana, Hidalgo, & Luna (District 32), and Senators Gay Kernan from Chaves, Eddy, & Lea (District 42), Michael Padilla from Bernalillo (District 14), and Crystal Diamond from Doña Ana, Hidalgo, Luna, & Sierra (District 35). The bill would require high school graduates to complete a personal finance class in order to earn their diploma. HB 279 did not pass the House Education Committee.

SB 11 – Paid Family and Medical Leave Act

This bill was introduced in the Senate by Senators Mimi Stewart from Bernalillo (District 17) and Michael Padilla from Bernalillo (District 14) and Representatives Christine Chandler from Los Alamos, Sandoval, & Santa Fe (District 43), Linda Serrato from Santa Fe (District 45), and Patricia Roybal Caballero from Bernalillo (District 13). This bill would compensate employees and self-employed persons for up to 12 weeks for various qualifying family and medical reasons. SB 11 passed the Senate but did not pass the House.

SB 46 – Wrongful Foreclosure Protection Act

This bill was introduced in the Senate by Senator Katy Duhigg from Bernalillo and Sandoval (District 10). This bill adds new protections for homeowners facing mortgage foreclosure, proscribes foreclosure complaint requirements, prohibits certain lender conduct, and provides civil remedies. SB 46 did not pass the Senate.

SB 216 – Bankruptcy Exemptions

This bill was introduced in the Senate by Senator Bill O’Niell from Bernalillo (District 13) and Representative Gail Chasey from Bernalillo (District 18). This bill modernizes garnishment exemptions in bankruptcy law, which have not been updated since 1983 for vehicles, jewelry, or personal property, and since 2007 for the homestead exemption. SB 216 passed the Senate and the House and was signed by the Governor on April 4, 2023. SB 216 will go into effect on July 1, 2023.

SB 246 – Revised Uniform Law on Notarial Acts

This bill was introduced in the Senate by Senator Daniel Ivey-Soto from Bernalillo (District 15) and Representative Dayan Hochman-Vigil from Bernalillo (District 15). This bill amends the Revised Uniform Law on Notarial Acts (RULNA) to include “automatic notarial officers” that are judicial officers, county clerks and attorneys licensed in New Mexico, as well as establish grounds on which the state ethics commission may deny, refuse to renew, revoke, suspend or condition commission under the RULNA, Secretary of State rules, or any federal or state law. SB 246 passed the Senate and the House and was signed by the Governor on April 4, 2023. SB 246 will go into effect on June 16, 2023.

Financial Literacy Month

April has been officially declared as Financial Literacy Month in New Mexico! The Proclamation below has been signed by Secretary of State Maggie Toulouse Oliver and Governor Michelle Lujan Grisham.