Credit unions exist to serve members in all market conditions

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.