WINSTON-SALEM, N.C.–Seven credit unions from North Carolina’s 5th congressional district and the Carolinas Credit Union League hosted a roundtable discussion of issues with Congresswoman Virginia Foxx (NC-5) at Truliant Federal Credit Union. Representatives from CUNA were also in attendance.
According to the league, participant remarks underscored several CU priority issues, including bills that address Data Security (S961/HR 2206) and regulatory relief. Congresswoman Foxx said she was particularly concerned when she heard from credit unions about the real adverse effects of burdensome regulations.
“Your ideas about how government can get out of your way are very important. The regulatory agencies are clueless about the impact of what they’re doing on real people – credit union members,” Foxx said. “I am very disturbed to hear that credit unions decide to stop certain lines of business because of the cost of regulations. That is simply not fair to consumers.” She concluded, “The CFPB, I believe, has overstepped its authority and is accountable to no one.”
The roundtable was one of several in-district activities involving Carolinas credit unions while Congress has been on August recess. “Every drop-in, meeting, or office appointment has been invaluable to keeping our lines of communication open,” stated Carolinas league President John Radebaugh.
In addition to host Truliant FCU, roundtable participants represented Allegacy FCU, HealthShare CU, Lion’s Share FCU, Piedmont Advantage CU, Premier FCU, and Summit CU.