Truliant CEO to Present Member Service Strategy Before Senate Banking Committee

July 19, 2011 - PRLog -- Marcus Schaefer, Truliant Federal Credit Union’s President and CEO, has been asked to testify on Tuesday, July 19 at the Senate Banking, Housing and Urban Affairs Committee hearing on Enhanced Consumer Financial Protection After the Financial Crisis.

“We believe it’s paramount for credit unions to have a voice in the evolving post-financial crisis regulatory landscape,” said Schaefer.  “Truliant’s mission is to improve our member-owners’ financial lives, and I’m grateful for the opportunity to help support public policy that informs and educates the consumer on financial decisions while improving their personal balance sheets.”

Schaefer will be presenting on behalf of Truliant and not representing industry trade associations.  Schaefer will present Truliant’s best practices as they relate to member-owner relationships and will encourage the Committee to be mindful of the impact of mass-implementation of regulation on smaller financial institutions, particularly credit unions, where the cooperative structure has historically resulted in pro-consumer practices.

“Truliant supports streamlining and simplifying existing regulation to improve consumer understanding while reducing costs to the financial institution that can be passed on to the member-owner,” Schaefer notes.  

“Truliant also supports regulation that allows and promotes innovation in financial services that is helpful to the consumer,” he further explains.  “But one-size-fits-all regulation could yield unintended consequences for smaller, consumer-friendly financial institutions like Truliant, including resources not being used optimally and costs that would potentially be passed down to our member-owners.”

Schaefer hopes that by highlighting some of Truliant’s long-standing principles aimed at improving their members’ lives, the committee will focus on public policy that effectively informs and educates the consumer on financial decisions versus blanket regulations.

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Truliant Federal Credit Union is a not-for-profit, financial institution that provides affordable financial services to its member-owners. Truliant was chartered in 1952 and now serves more than 180,000 members and has 22 Member Financial Centers in NC, SC, OH and VA. For more information on Truliant Federal Credit Union, visit TruliantFCU.org.