BALTIMORE — Unlike some lenders including banks, credit unions have the distinction of being able to spot financial pitfalls most likely sooner than members can, Rep. Elijah Cummings (D-Md.) told attendees at the African-American Credit Union Coalition's annual meeting here.
"You are in the business of empowering people. They come in confused," Cummings said in a moving, semi-autobiographical sometimes humorous but mostly inspiring talk. "You can see a default coming 10 miles away. You know your clientele and you know their pitfalls."
Cummings thanked credit unions for all of their efforts and applauded their difference. He challenged them to expand even more on providing mortgages to first-time buyers, educating young people on establishing good credit and called on attendees to serve as mentors.
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"One of the best ways to speed up progress is through mentorship," Cummings said. "We've got to find a way to mentor somebody but we must be mentored too."
At one point during his talk, Cummings compared it to a speech he recently gave before a group of bankers. He didn't share specifics on what he said but did speak from the hip as he's traditionally known to do. The legislator joked "I thought they were going to throw me out of the room."
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