Credit unions seek solutions to serve consumers left behind

Thousands of credit union advocates from across the country will be in Washington, D.C., next week to discuss policy priorities, CUNA Chief Advocacy Officer Ryan Donovan wrote all 535 congressional offices this week. Donovan’s message comes less than a week before the kickoff of the 2022 CUNA Governmental Affairs Conference (GAC).

“From modernizing the Federal Credit Union Act to serving rural and urban banking deserts, America’s credit unions are ready to find solutions that allow us to step in where others are leaving consumers behind. For more, see how credit unions in your state are making a difference for people.

Donovan linked to CUNA’s policy priorities, designed to help credit unions continue to improve financial well-being. These include:

• Relaxing field-of-membership restrictions to ensure all federal credit unions can fill banking deserts and better reach underserved and marginalized communities.
• Lifting arbitrary business lending caps to allow credit unions to further aid local small businesses, including family farms and ranches.
• Allowing credit unions to service loans with terms longer than 15 years to create better student, agricultural, and business loans for consumers.
• Allowing credit unions to govern branch safety SUPPORT H.R. 2311, S. 1767
• Allow credit unions to dedicate more time and resources to their members’ financial well-being by setting their board meeting schedule.
• Preserving payments and access to credit.
• Prevent government duplication of credit union services.
• Protecting small businesses’ access to private-sector financing through trusted community lenders with proven track records.
• Reforming the CFPB leadership structure.

He also linked to CUNA’s webpage with state-specific information on the credit union difference and member benefits.