Credit Union Advocates Join League in Congressional Meetings
League Board members and staff today met with Rep. Abigail Spanberger to discuss key issues of concern for credit unions.
The Virginia Credit Union League held meetings today with Congresswoman Abigail Spanberger (D-7th) and the office of Congresswoman Jennifer McClellan (D-4th).
Congresswoman Abigail Spanberger (D-07)
Members of the League Board met this afternoon in a virtual meeting with Rep. Spanberger. Board members expressed their growing concern with the dramatic increase in fraud and cyber-related crimes, in many cases a direct result of the fact merchants and retailers are not held to same rigorous data security standards as financial institutions.
Credit unions also remain gravely concerned about the Credit Card Competition Act (S.1838 | H.R. 3881), legislation that would change the current interchange system for credit cards, a move credit unions continue to fiercely oppose. We urged Rep. Spanberger to oppose the CCCA, which poses a real and significant risk to consumers, especially as it relates to fraud, privacy, and the ability of community financial institutions to provide access to credit. (We've spent months fighting the legislation and you can aid that effort by emailing lawmakers today via our Action Center.)
Credit unions are also facing a Biden Administration campaign against what it terms "junk fees" and Consumer Financial Protection Bureau efforts to target some of the legitimate service fees credit unions charge to offset their costs. Overdraft protection programs, NSF fees, credit card late fees and other account inquiry fees are among those that have been specifically targeted. Board members noted that credit unions remain a consumer-friendly alternative in the financial services marketplace, and our legitimate service fees help make possible many of the products and services on which our members depend.
Credit unions and the League also urged the congresswoman and recently announced candidate for the Democratic nomination for Virginia governor to oppose the "one-size-fits-all" regulation that so often proves detrimental to small and mid-sized credit unions. A growing regulatory burden is one of the primary reasons driving credit union mergers.
Rep. Spanberger thanked credit unions for their service to members and their communities.
Congresswoman Jennifer McClellan (D-04)
Credit union and League representatives this morning met with Rep. Jennifer McClellan's chief of staff, Donald Pollard. Credit union participants Sarah Marks (Homebase Credit Union), Mike Pressendo (Virginia Credit Union) and Chris Cain (Peoples Advantage Federal Credit Union) highlighted the "Credit Union Difference" and showcased their service to members and the communities they call home.
Pollard noted that the congresswoman remains supportive of legislation that would allow financial institutions to serve legitimate cannabis businesses in states where it is legal. She is also supportive of exempting loans to veteran-owned small businesses from the current Member Business Lending cap. While having not taken a position on the legislation, the congresswoman believes the Credit Card Competition Act should remain a standalone bill.
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