CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » MBL, FOM changes would help CUs advance financial inclusion
Policy & Issues

MBL, FOM changes would help CUs advance financial inclusion

March 10, 2021
Cap1

Credit Unions are mission-driven and well-positioned to address inequity and advance financial inclusion and in the financial services sector, CUNA wrote to House Financial Services Committee leadership Wednesday. CUNA notes that women- and minority-owned businesses (MWBEs) face barriers when it comes to access to credit and financial services, a situation made worse by the pandemic.

“Credit unions are committed to financial inclusion and access. MDI and CDFI credit unions play a critical role in advancing financial inclusion and the economic well-being of their members, including MWBEs,” the letter reads. “We are pulling together as a movement to support our members and make a difference in their lives during this difficult moment, but we know that, given the opportunity, we could do more, especially when it comes to providing access to capital to America’s small businesses.”

CUNA offers two suggestions for Congress to help credit unions increase service to MWBEs:

  • Ensure that all available small business credit is deployable during the recovery by at least temporarily removing the member business lending cap for emergency-related loans. CUNA estimates this would free up more than $5 billion in capital, creating nearly 50,000 jobs at no cost to the federal government; and
  • Facilitate the addition of underserved areas to credit unions’ fields of membership by considering legislation that expands the opportunity to serve underserved communities to all Federal credit unions.

Credit Union Magazine: Spring 2022

Spring 2022

Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
Digital Edition •  Subscribe

Trending

  • FOM modernization bill passes House Financial Services Committee

  • FOM modernization bill is free-market solution to address financial access

  • Payment services hub explained

Tweets by CUNA_News

Polls

Are you ready for CECL?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us