CUs, League Hold Virtual Meeting with Congressman Connolly

On Dec. 4, advocates from Apple Federal Credit Union, CommonWealth One Federal Credit Union, Navy Federal Credit Union, Northwest Federal Credit Union and the Virginia Credit Union League met virtually with Congressman Gerald Connolly (D-11) to discuss legislation important to Virginia’s credit unions. 

Congressman Connolly shared his long history of supporting credit unions. He saluted participating credit unions for their important role in the financial services industry, specifically noting credit unions' service to those often left behind by for-profit banks. 

During the meeting, Rep. Connolly reiterated his continued support of many credit union legislative priorities, including the Veterans Member Business Loan Act (H.R. 4867), as well as the additional removal of arbitrary lending caps placed on many credit unions. Congressman Connolly has also steadfastly supported various versions of the SAFE Banking Act, which would provide credit unions and banks safe harbor to serve cannabis businesses in states where it is legal.

Advocates in the meeting also discussed their concerns regarding the Credit Card Competition Act (H.R. 3881) and the CFPB’s continued war on what it terms “junk fees;” noting the detrimental impact banning legitimate disclosed fees will have on credit unions and the products and services they can provide to their members. Congressman Connolly acknowledged that credit unions continue to serve their members fairly and promised he would keep an open mind on the issue of fees.

"We thank the credit union advocates who joined us for this meeting," said CeJae Vtipilson, League Director of Political Affairs and State Advocacy. "Meetings like this are vitally important in keeping our issues and our good work in front of lawmakers."

Your League has numerous other meetings scheduled this month with both members of Congress and the Virginia legislature as we prepare for 2024.