Credit union representatives from Chartway Federal Credit Union and ABNB Federal Credit Union met with Congressman Randy Forbes (R-4) on Thursday in his Chesapeake office. Topics included regulatory burden, especially with the added rules handed down by the Consumer Financial Protection Bureau, inequity issues surrounding data breaches on the merchant end, and raising the cap on member business lending.
The credit unions also talked about how they fulfill their mission of service to their members through the Credit Union Difference. ABNB’s Mike Doland talked about his credit union setting a goal of saving their members $10 million collectively by finding ways to lower their loan rates, while Chartway’s Bob Holmes and Nancy McMahon talked about improving efficiency in order to offer their members the best rates possible. They also noted the volunteer governance structure of credit unions, including their own examples of serving on the Board of Directors and various committees.
Forbes readily understood the regulatory burden argument, saying that other groups who have met with him during the August recess have the same concern. Forbes earlier had voted for a bill supported by credit unions that would change the oversight structure of the Consumer Finance Protection Bureau (CFPB) and make it subject to the Congressional appropriations process.
The Congressman asked how he could help credit unions. He was asked to consider sending a letter to the CFPB on its proposal to add more data questions to the HMDA process than required by Dodd-Frank.
Forbes assured the attendees he appreciated the role of credit unions since he and his children are members themselves.