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Home » CUs continue to make a difference, can do more
Policy & Issues

CUs continue to make a difference, can do more

February 17, 2022
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Credit unions are well-positioned to remove barriers to credit faced by small and minority-owned businesses, CUNA wrote to a House Financial Services Subcommittee Thursday.

“Despite field of membership restrictions, credit unions advance financial inclusion and access by locating roughly 70% of credit union branches in racially/ethnically diverse areas compared to roughly 60% of bank branches. We are pulling together as movement to support our members and make a difference in their lives, but we know that we could do more.”

CUNA also expressed:

  • Strong support for the Expanding Financial Access to Underserved Communities Act, which would exempt business loans made by credit unions to businesses in underserved areas from the member business lending cap at 12.25% of assets.
  • Concern over the about the potential for unintended consequences and substantial costs of compliance associated with the creation of a broad data collection where one does not currently exist.

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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.

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