The breadth and depth of our expertise on regional policy issues is unmatched. We leverage our strong relationships with legislators and regulators and our proximity to the nation’s capital to protect, promote and support the operating environment for credit unions in the Maryland and DC Metro Area.
Our Key Issues
We speak up and speak out on behalf of credit unions. These are some of the key issues we are working to advance:
It has become increasingly clear that substantive financial education before high school graduation is critical to positioning students for future success. We continue to support legislation in Maryland and DC to develop standalone financial literacy courses in public high schools. Research shows that it’s not enough to embed financial literacy education into courses required to graduate (i.e., social studies). According to a study published in the International Review of Economics Education, the key to the success of a financial literacy program is robust educator training and a well-designed curriculum.
Preventing Financial Exploitation
Millions of older Americans lose significant portions of their life savings to financial exploitation every year. Credit unions are uniquely positioned to protect seniors and vulnerable adults from financial scams. Working with partners such as AARP, Maryland’s Office of the Financial Regulation and the DC Department of Insurance, Securities and Banking, we offer training to frontline credit union professionals and support legislation to further protect seniors and vulnerable adults.
Maryland and DC are among about a dozen jurisdictions that do not allow public deposits in credit unions. Governments and municipalities have an obligation to handle their funds wisely. Allowing credit unions to accept public deposits would increase choice in the marketplace, provide greater competition and keep funds in local communities. Public entities would also benefit by earning greater returns on investment by taking advantage of better interest rates offered by credit unions.
For over two decades, financial institutions have met the stringent data security standards required by the Gramm-Leach-Bliley Act. However, other entities that collect and process consumer information are not held to the same standards, putting sensitive personal data at risk and leaving consumers vulnerable. We continue to urge lawmakers to protect consumers and credit unions by focusing on three areas: notification standards, data security standards and the right to sue for damages for financial institutions that bear the cost of a breach.
Contact: Rory Murray, VP of Advocacy
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