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News

Home » Credit unions exist to serve members in all market conditions
Policy & Issues

Credit unions exist to serve members in all market conditions

June 30, 2022
CUs’ mortgage market share continues to rise

CUNA wrote to the House Financial Services Committee Wednesday on several legislative proposals for its hearing on the long-term impact of high housing costs.

“High prices and a low number of homes on the market has been challenge for many Americans hoping to buy a house in the current market,” the letter reads. “Economic conditions may impact this situation in the future but the lasting impacts of the ‘hot housing market’ on future homeownership rates among the very populations credit unions serve remains to be determined.”

“Credit unions’ interest in their members’ financial well-being and advancing the communities they serve takes on paramount importance,” it adds.

The letter notes CUNA’s support of the Downpayment Toward Equity Act of 2021 (H.R. 4495), which passed the House Financial Services Committee June 24. The bill would establish a down-payment assistance program to help assist first-generation homebuyers and low-income borrowers become homeowners.

CUNA also requested the legislation explicitly list credit unions that serve underserved areas as eligible entities.

CUNA also supports legislative language for the Treasury’s Community Development Financial Institutions (CDFI) Fund to:

  • Streamline the application process and work with regulators to simplify the process wherever possible.
  • Report the length, costs, and approval rate related to the CDFI application process.

 

Credit Union Magazine: Summer 2023

Summer 2023

Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
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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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