This week, Congressman Adam Schiff met with leaders from the California Credit Union League and local credit unions to discuss his campaign to become the next U.S. senator representing California.
Graciously hosted by First Entertainment CU in Los Angeles, this meeting marked a crucial dialogue between the credit union community and a rising star in the nation’s political arena.
“Our insightful meeting with Congressman Schiff marked a valuable milestone for credit union leaders as he runs for U.S. Senate in the 2024 general election,” said Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues. “We want to thank the congressman for taking time to share his perspective and hear our movement’s concerns. He is a longtime friend of credit unions, and we look forward to supporting him as he continues campaigning on behalf of representing all communities across California.”
The success of this meeting with the League and credit unions is a testament to a strong, continuing partnership. In recent years, the congressman has shown bipartisan leadership in Congress to protect credit unions.
He voted in favor of the Credit Union Board Modernization Act, which reduces the number of required board meetings for federal credit unions. He also led a bipartisan letter requesting that the Consumer Financial Protection Bureau (CFPB) exempt credit unions from certain rulemakings — and secured support from more than 300 members of Congress on this front.
During the League’s meeting with Schiff, he expressed his continued support for the credit union movement, and he addressed other important issues to credit union leaders.
Tackling the Cybersecurity Challenge
A critical issue addressed during the meeting was cybersecurity. The congressman expressed his understanding of the unique challenges credit unions face, particularly in the context of escalating threats from sophisticated hackers.
He acknowledged the increasing costs associated with data protection, emphasizing the need for heightened security measures, especially for smaller institutions. Schiff’s commitment, if elected to the Senate, is to bolster cybersecurity defenses, ensuring a safer financial environment for financial institutions, especially for smaller institutions like credit unions.
The Invaluable Role of Credit Unions
The congressman also highlighted the vital services credit unions provide to consumers.
When asked how credit unions can support Californians, Schiff’s advice was straightforward yet impactful: “Keep doing what you’re doing.” This statement underscores his confidence in the positive impact credit unions have on individuals’ financial health.
Personal Stories Echoing a Greater Mission
A poignant moment in the meeting was the congressman’s sharing of a personal anecdote. He spoke of a young woman — a college graduate with a good job — who was struggling financially.
This story mirrors the challenges many Americans face and aligns closely with the mission of credit unions that work to achieve financial wellbeing for all. Schiff’s goal, similar to that of credit unions, is to fortify the economy and ensure financial wellbeing for all.
A United Vision for the Future
The meeting between the League and the congressman was more than a discussion; it was a reaffirmation of a shared vision.
As Schiff leads in the election polls, his potential future role in the Senate promises to be one of advocacy and support for credit unions. His dedication to enhancing cybersecurity, combined with his understanding of the critical role credit unions play in community support, positions him as a key ally in credit unions’ ongoing efforts to serve the public and strengthen the economy.
Primary Election: How to Support
If you are interested in supporting the congressman’s campaign, you may visit his website here.
The primary election in California is on Tuesday, March 5, 2024. The top two candidates will move on to the general election.
The League wishes Adam Schiff the best of luck in his campaign, and we thank him for his leadership!