House passes CUNA-backed diversity, fraud prevention bills

September 24, 2020

The House voted to pass two CUNA-supported pieces of legislation, The Ensuring Diversity in Community Banking Act of 2019 (H.R. 5532) and the COVID-19 Fraud Prevention Act (H.R. 6735). CUNA sent a letter of support to House leaders earlier this week in support of the bills.

H.R. 5532 would encourage federal government deposits in Minority Depository Institutions (MDIs), establish a Small Business Administration task force focused on MDIs and Community Development Financial Institutions   and require diversity and inclusion reports from each prudential regulator; and

H.R. 6735 would establish a working group that would be a collaboration between the Securities and Exchange Commission and Consumer Financial Protection Bureau with the goal of helping to protect scam attempts during the pandemic.

“We thank the House for advancing these bills to will help support CDFIs and MDIs, as well as combat bad actors seeking to use the pandemic to further their scams,” said CUNA President/CEO Jim Nussle. “Both will provide credit unions with resources to continue supporting their members through the pandemic and economic recovery.”