CUNA wrote to the House Committee on Small Business to express support for the Expanding Financial Access for Underserved Communities Act. Credit unions’ field of membership restrictions and the member business lending cap shut out those that need access to mainstream financial services.
Reps. Brad Sherman (D-Calif.) announced a bill Friday to exempt credit union business loans related to the pandemic from the member business lending cap for one year. Sens. Ron Wyden (D-Ore.) also announced he will introduce a Senate companion bill next week.