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Credit Unions Meet With Rep. Ivey

Educational Systems FCU & the MD|DC Credit Union Association hosted a Roundtable with Rep. Glenn Ivey today.

Ivey RT Group LG

Maryland newest Congressman discussed a range of topics including recent bank failures, climate risk and credit unions’ role in serving the underserved and unbanked.

The meeting with Rep. Glenn Ivey was his first roundtable with credit unions since being elected in November to represent Maryland’s 4th Congressional District. He discussed key issues facing credit unions and members, particularly the impact of proposed reforms in the wake of recent bank failures. Credit union executives expressed concern that it could mean complying with more one-size-fits-all regulations designed for big banks.

Another hot topic was the debt ceiling debate and how credit unions could potentially be affected. Several CEOs said members are worried about the economic impact on their families and their communities. Credit unions are also keeping a close eye on any potential scaling back of the Community Development Financial Institutions Fund which provides grants to generate economic growth and opportunity in underserved areas. CEOs from MECU Credit Union and SkyPoint FCU, both CDFI certified, discussed the importance of that funding.

Credit unions also weighed in on Rep. Ivey’s question about climate-related financial risk, sharing that guidance is expected from federal regulators. The NCUA is currently seeking comments on how to effectively monitor, manage and mitigate such risks.

The Roundtable was held at the Greenbelt, MD headquarters of Educational Systems Federal Credit Union. 

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