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Arlington Community FCU, League Meet With Rep. Don Beyer

Authored By: Lewis Wood on 3/27/2023

Arlington Community Federal Credit Union's Karen Rosales (President/CEO) and Jim Wilmot (Chief Lending Officer) joined League Chief Advocacy Officer JT Blau for a meeting today with Rep. Don Beyer (D-8th) in Arlington.

They discussed a wide array of issues during the course of the 30-minute meeting, including the recent failures of Silicon Valley and Signature Bank.

Arlington Community FCU shared the "Credit Union Difference," noting that our not-for-profit, member-owned cooperative structure fosters a service philosophy that puts members first, not profit.

We also noted that the National Credit Union Share Insurance Fund provides the same account insurance coverage as that provided by the FDIC for banks. We also shared that the percentage of uninsured deposits held by all Virginia credit unions is only about 10 percent of total deposits/shares. Virginia's credit unions also remain well-capitalized and stand ready to aid members facing hardship during these challenging economic times. We discussed the impact of the economy and inflation on credit union rates and even our ability to hire and retain employees.

“We were delighted to see how deeply Congressman Beyer understands the Credit Union Difference and our concerns with being swept into regulations in the wake of the recent bank failures,” said Blau. “Meetings with members of Virginia’s congressional delegation are critical and the participation of credit union advocates really helps our elected officials understand how we differ from banks both operationally and philosophically. We greatly appreciate Karen and Jim joining us for this important meeting.”

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