The incoming Biden administration should consider the impact any policy changes will have on credit unions’ ability to serve their members, CUNA wrote to the Biden transition team Tuesday. CUNA’s recommendations include continued actions from NCUA and the Consumer Financial Protection Bureau (CFPB), as well as recommendations in the housing and diversity, equity, and inclusion arena.
“CUNA strongly encourages this new administration to support and implement further COVID-recovery legislation and policies in 2021 and beyond to ensure credit unions remain in a position to serve their members throughout and after the COVID-19 pandemic,” the letter reads.
CUNA continues to encourage the NCUA to:
CUNA recommendations to the CFPB include broad ones, as well as recommendations for specific regulations:
CUNA also covers several specific regulations and actions the CFPB should take:
The letter also notes credit unions’ critical role in the housing markets, and suggests the following priorities:
CUNA also highlights its commitment, and that of its members, to ensure DEI plays a role in every aspect of the financial services sector.
“Credit unions and all in the financial services sector, including our regulators, must be intentional about increasing diversity and inclusion at leadership, board, and staff levels to continue to reach and better serve an increasingly diverse population and enhance financial inclusion for all,” the letter reads. “We look forward to working with the new administration, Congress and federal regulators as we continue to make diversity, equity, and inclusion an industry top priority.”