CUNA backs bipartisan bill to aid veteran homeownership

November 17, 2021

CUNA wrote in support of a bipartisan bill to help veterans achieve homeownership Wednesday, the Building Credit Access for Veterans Act (S. 1838). The bill was introduced by Sens. Tim Scott (R-S.C.) and Richard Blumenthal (D-Conn.).

“Credit unions have a proud tradition of serving America’s servicemembers and veterans. Some of the oldest credit unions in the country were founded to serve members of the military and continue to serve servicemembers and veterans,” the letter reads. “This bill would direct the Secretary of Veterans Affairs to create a pilot program that would assess the viability of using alternative credit scoring information. Some of the alternative information could be proof of insurance, utilities, or rent histories.

“Credit unions are member-owned cooperatives that exist to look out for the financial well-being of their members,” it adds. “This legislation could potentially help more veterans achieve their goals of homeownership.”