Indiana Credit Union CEO Testifies Before Senate Banking Committee

Afena Federal Credit Union President /CEO Karen Madry testified today before the Senate Banking Committee on behalf of the national credit union system. She chairs the America’s Credit Unions Small Credit Union Committee. Madry is also on the Indiana Credit Union League board, where she is the immediate past chair and a member of the Governmental Affairs Committee.

The Hearing, titled “Consumer Protection: Examining Fees in Financial Services and Rental Housing,” took place this morning at 10 a.m. Eastern. Madry’s submitted written testimony can be viewed here. 

“It was quite an experience testifying before the Senate Banking Committee,” said Madry. “The opportunity to tell the story of Afena Federal Credit Union’s approach to serving members and to represent all credit unions was an opportunity to advocate for the entire credit union system that I cherish.”

Madry emphasized in her verbal remarks that credit unions like hers would have to rethink everything from staffing to offering free checking accounts if the proposed junk fee rules end up applying to credit unions. She also mentioned that many credit union members, particularly those in lower-income situations, would be negatively impacted by the fallout from some of the proposed government regulations on fees.

“In testifying before the Senate Banking Committee, Karen did a tremendous job of explaining the important role of fees in the operations of member-owned, not-for-profit credit unions,” said Indiana League President John McKenzie. “She explained the negative consequences, such as the reduction of services being available if government regulations restrict the way credit unions need to operate to serve their members.”