The CUNA-supported Expanding Financial Access for Underserved Communities Act would ensure small businesses would be able to access the capital they need, CUNA wrote to the House Small Business Committee Thursday. CUNA also noted financial inclusion and access to capital are “critical” to ensuring the survival of vulnerable small businesses.

“CUNA strongly supports the Expanding Financial Access for Underserved Communities Act, which would allow all federal credit unions to add underserved areas to their field of membership and exempt business loans made by credit unions in low-income areas from the credit union member business lending cap,” the letter reads. “Furthermore, the legislation expands the definition of a low-income credit union to include any area that is more than 10 miles from the nearest branch of a financial institution.

“Allowing credit unions to expand into underserved areas would advance communities throughout the nation by giving tens of millions of consumers access to member-owned financial services,” it adds. “As we have learned through the COVID-19 pandemic with stimulus checks and PPP, lack of access to financial services is a major problem that needs resolution.”