Credit union leaders representing members across the 64th California State Assembly District in southeastern Los Angeles County met this week with Assemblymember Blanca Pacheco (D-Downey) to discuss strengthening consumer financial health and security.
The visit focused on providing financial education to assembly constituents and residents, protecting vulnerable senior populations from fraud, and preserving the state’s competitive financial landscape through the dual credit union state-federal charter system. CEOs and other credit union leaders emphasized their role as mission-driven financial cooperatives dedicated to the economic wellbeing of their members.
One area of discussion was the need for expanded financial education across California, particularly for young students and adult learners. Attendees shared with Pacheco their efforts to provide free financial counseling and expressed interest in partnering with the assemblymember in this area.
A portion of the meeting also addressed the threat of elder financial exploitation and fraud. Credit unions discussed their measures in identifying suspicious activity, making sure older adults can safely manage their assets without being susceptible to scams.
The importance of maintaining a strong dual charter system in California was also discussed, which allows credit unions to operate under either a state or federal regulatory structure. Pacheco heard how this system fosters innovation, encouraging competitive and responsive financial products.
“Assemblymember Pacheco is a longtime friend of credit unions,” said Robert Wilson, senior vice president of state advocacy for California’s Credit Unions. “From her time on the Downey City Council to her leadership role in Sacramento, she recognizes that when credit unions thrive, our members and local residents benefit. We want to thank her for meeting with us.”
California’s Credit Unions and local industry leaders look forward to their continued partnership with the assemblymember as both continue serving and representing members and residents in California Assembly District 64.
