Local credit union leaders gathered on Wednesday at Valley Strong Credit Union’s headquarters in Bakersfield, CA to meet with Congressman David Valadao for a discussion on issues impacting the financial wellbeing of more than 272,000 credit union members living in California’s 22nd Congressional District.
Organized by California’s Credit Unions and America’s Credit Unions, the event brought together representatives from Valley Strong Credit Union and Pacific Service Credit Union with the congressman and his staff.
During his time in Congress, Valadao has displayed his comprehension and appreciation of credit unions’ unique cooperative model. His support for preserving the credit union tax exemption and regulatory relief are examples of his commitment to local credit unions and their members.
An important point of discussion was the growing threat of financial fraud, which has risen dramatically. Credit union leaders emphasized the role that the current credit card interchange system plays in keeping members safe, where credit unions leverage interchange revenues to fund information security, fraud prevention systems, and host educational workshops to help consumers spot and avoid scams. Any reduction in interchange revenue could compromise consumer fraud protections.
They also discussed regulatory difficulties surrounding immigrant communities living and working across the Central Valley. Many credit unions offer Individual Taxpayer Identification Number (ITIN) lending programs, providing immigrants access to safe and affordable auto loans, mortgages, and personal banking. Attendees discussed the potential impact from a recent presidential executive order (Restoring Integrity to America’s Financial System) that directs financial regulators to issue new advisories on ITIN lending risks, which could have a dampening effect on credit unions and also force borrowers into the hands of predatory lenders.
As a Central Valley resident, dairy farmer and congressional member of the House Appropriations Committee, Valadao shared his perspective on the current legislative environment heading into the general election in November. He also talked about his priorities for his district, which spans portions of Kern, Kings, and Tulare counties.
California’s Credit Unions would like to thank the congressman and his staff for consistently being responsive to the needs of constituents and credit union members within his district. The league would also like to thank local credit union leaders for engaging with Valadao during this week’s visit.
