The MD|DC Credit Union Association’s Financial Counselors Roundtable offered insight on the economic conditions in the region, the impact on members and the resources available to effectively support members.

Andrew Schaufele, the Chief Deputy Comptroller of Maryland, discussed the current economic conditions and its potential consequences for credit union members. He highlighted that while the economic forecast suggests a “soft landing,” the full financial impact of the COVID stimulus remains to be seen. Schaufele emphasized that federal spending could play a crucial role if a recession becomes likely.

Michelle Hammonds, the Director of the Office of Financial Empowerment and Education at the DC Department of Insurance, Securities, and Banking, discussed various programs and resources aimed at enhancing financial well-being. Among these initiatives is “Bank On DC,” which facilitates access to safe and affordable financial products and services. Hammonds encouraged credit unions to participate or start a Bank On program in their areas.

To engage with the Financial Counselors Roundtable, please visit The Exchange and select “Join the Community.”