Congresswoman Clark Meets with Credit Union Officials at RTN Federal Credit Union
Massachusetts Congresswoman Katherine Clark, the newest member of the Congressional Delegation, met with credit union officials yesterday at RTN Federal Credit Union in Waltham, MA. She serves the 5th District, which includes various wards and precincts in 24 communities spanning across three counties as far west and southwest as Southborough, Framingham and Natick, as far east as Revere and Winthrop, and as far north as Woburn.
Congresswoman Clark currently serves as a member of the U.S. House Committee on Natural Resources. There are 25 credit unions in Congresswoman Clark's district with $1.85 billion in credit union assets serving 141,500 consumers as members.
In welcoming her to the credit union, RTN Federal Credit Union Treasurer and CEO Richard Wright noted the origins of the credit union in serving Raytheon employees, one of the largest private employers in the Commonwealth, and its upcoming 80th anniversary. He also described the personal service and common mission of credit unions, who often look beyond simply credit scores, to know and serve members.
Congresswoman Clark was elected in December 2013 to Congress in a special election to fill the seat previously held by former Congressman now Senator Ed Markey. Her previous public service includes tenure in the Massachusetts House of Representatives, Massachusetts Senate, and the Melrose School Committee. As a state legislator, she contributed to legislation regarding criminal justice, education, and municipal pensions. Most importantly for credit unions, her work on the Judiciary Committee helped her understand our challenges in assisting members with foreclosures; her work on the Tax Expenditure Commission helped her review the corporate income tax exemption; her work on the Education Committee helped support the pilot program for mandatory financial education in 10 gateway high schools; and her work on the Municipalities and Regional Government Committee provided her insight into the economic value of communities partnering with and depositing public funds into state and federally-chartered credit unions.
In her remarks, she expressed a keen understanding of the credit union difference. She shares the values of credit unions in helping working families meet their financial goals. Congresswoman Clark acknowledged her understanding of credit unions through her work at the State House and believes that credit unions should not be lumped in with other financial service providers. She applauded credit unions for continuing to lend during the recent financial crisis. Congresswoman Clark noted that credit unions are distinct, consumer-orientated financial service alternatives popular with Massachusetts residents. During the discussion, she stated that she looks forward to deepening her partnership with credit unions during her tenure in Congress.
Credit unions thanked the Congresswoman for signing onto the recent congressional letter to NCUA asking for careful consideration of and significant changes to the pending risk-based net worth capital proposal. Other issues discussed at the meeting included member business lending and supplemental capital. Credit unions also briefed the Congresswoman on their dedicated community service, successful reality fairs to promote financial education, and support of the Massachusetts Coalition for the Homeless -- a problem that the Congresswoman feels deeply about and has prioritized during her public service.