Credit unions are already removing barriers to financial inclusion for the LGBTQ+ community, CUNA wrote to a House Financial Services subcommittee Tuesday for its hearing on economic inclusion for the LGBTQ+ community.
“Credit unions are mission-driven and committed to advancing financial well-being for all, including the LGBTQ+ community. Biases and discrimination are significant pain points for the LGBTQ+ population,” the letter reads. “For example, individuals in the LGBTQ+ community tend to experience higher levels of unemployment, poverty, and homelessness. Same sex couples are less likely to own property and hold mortgages than different sex couples and a high percentage remain unbanked (21%) making them vulnerable to predatory lending.”
Examples of the work credit unions are currently doing include: