BAKERSFIELD, Calif.--With Congress in recess the first week of May, California’s credit unions used the opportunity to connect with lawmakers at home, meeting Friday with Vince Fong at Valley Strong Credit Union, America's Credit Unions reported.
The group highlighted the many ways credit unions help keep life affordable for members, a message that resonated with Fong, a longtime supporter of the movement.
They also discussed how rising fraud costs are impacting credit unions, particularly smaller institutions, and shared why a whole-of-government approach is needed. Interchange fees, the credit unions said, help cover some costs to fight fraud and protect members, which is why they continue to oppose government price controls and proposed new mandates, ACU noted.
Fong is a member of the House Homeland Security Committee, which is examining ways to combat fraud, among other priorities.
Risks and opportunities from AI and other emerging technologies were also addressed, including how they can help empower credit unions, but also present new threats from bad actors.
In addition to California’s Credit Unions and Valley Strong Credit Union, leaders from Pacific Service Credit Union and Desert Valleys Federal Credit Union attended, ACU said.