Credit unions host supporter Rep. Fong for discussion

Congress in recess the first week of May is the chance to engage members back at home, and California’s Credit Unions met with Rep. Vince Fong, R-Calif., at Valley Strong Credit Union Friday. The group shared the many ways credit unions work to make life affordable for members with Fong, himself a strong credit union supporter.

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.

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.