Credit Unions Meet with Rep. Mfume
MECU Credit Union and the MD|DC Credit Union Association convened a roundtable meeting today with Rep. Kweisi Mfume, who represents Maryland’s 7th congressional district.
During the discussion, Rep. Mfume reiterated his support for credit unions, acknowledging their historical significance in providing credit access during the Great Depression and remarking that, “It’s a need that still exists today.”
One of the legislative topics addressed was the Credit Card Competition Act, which has yet to be introduced in the House of Representatives. Rep. Mfume disclosed that he does not support the bill. Credit union leaders shared their concerns about the legislation, particularly that savings intended for consumers would likely not be passed along by large retailers, while revenue used to prevent fraud and protect transaction data would be further reduced.
Rep. Mfume said he voted in favor of the Credit Union Board Modernization Act, which successfully passed the House earlier this year. This act would allow federal credit union boards to hold a minimum of six meetings per year instead of the current monthly requirement, facilitating smoother operations.
The discussion also covered the subject of financial literacy. Rep. Mfume expressed strong support for expanding access to financial education for both students and adults. He encouraged credit unions to continue advocating for a financial literacy graduation requirement in Maryland.
The roundtable was hosted at the Baltimore headquarters of MECU Credit Union and included CEOs and executives from other area credit unions including APL FCU, Johns Hopkins FCU, SECU, and SkyPoint FCU.
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