Local credit union leaders met with Congresswoman Linda Sanchez this week to discuss issues facing middle-class families, financial wellbeing, and community programs.
Hosted by California’s Credit Unions and America’s Credit Unions, the discussion at Financial Partners Credit Union in Downey, CA brought Sanchez face to face with representatives from Financial Partners, SchoolsFirst Federal Credit Union, Credit Union of Southern California, LBS Financial Credit Union, Wescom Credit Union, and California Credit Union.
Having advocated for working families during her career, Sanchez serves as a ranking member on the Trade Subcommittee for the House Ways and Means Committee, while also serving on the Health Subcommittee. Her role positions her to understand how federal policies impact the financial wellbeing of local families and the financial institutions that serve them.
On the consumer protection and fraud prevention front, local leaders emphasized the need to protect consumers from rising merchant fraud while preserving resources that credit unions need to offer low-cost services.
The conversation also focused on serving immigrant communities, particularly through Individual Taxpayer Identification Number (ITIN) lending that allows immigrants to build credit and buy homes. Attendees discussed reports of Internal Revenue Service (IRS) information-sharing with U.S. Immigration and Customs Enforcement (ICE).
Credit union leaders also raised concerns about expanding the Community Reinvest Act. Sanchez shared that she understands the CRA was developed to address red-lining and other harmful practices. She was also quick to say that credit unions are mission driven, stating that credit unions “are exempted from the CRA and do a good job of meeting their mission of helping people, including lending programs.”
Sanchez is running to represent the newly redrawn 41st Congressional District in this November’s general election, covering Downey, Whittier, La Mirada, Brea, Lakewood, and portions of Bell Gardens, Los Alamitos, Paramount, and unincorporated Orange County. This new district is home to more than 253,000 credit union members.
Attendees highlighted how the meeting was a valuable opportunity to showcase the “credit union difference” and how the cooperative model supports the local economy. They also joined representatives from the Downey Chamber of Commerce for a joint discussion with Sanchez, focusing on creating new opportunities for local business partnerships and exploring how business leaders and financial cooperatives can coordinate with congressional representatives to support members of the community.
California’s Credit Unions would like to thank all attendees for participating in this important discussion with the congresswoman.
