news.cuna.org/articles/119080-inclusion-of-underserved-areas-in-foms-would-promote-financial-equity
COVID19

Inclusion of underserved areas in FOMs would promote financial equity

February 18, 2021

Legislative action is needed to ensure credit unions can continue to serve their more than 120 million members, CUNA wrote to the Senate Banking Committee Thursday. The committee conducted a hearing on an equitable recovery from the coronavirus crisis.

“While we understand that the next round of COVID-19 relief legislation is being moved through Congress under the Budget Reconciliation process, which limits the inclusion of certain policies, we hope that additional attention will be given to policy changes that meet both the immediate needs of Americans, as well as long-term economic recovery,” the letter reads.

Legislative actions needed include:

  • Providing temporary flexibility to NCUA to offer forbearance from Prompt Corrective Action requirements;
  • Exempting member business loans during, and for one year after, the national emergency; and
  • Expanding credit union field of membership to ensure that federal law permits all federal credit unions to serve underserved areas.