DES MOINES, Iowa — Rep. Zach Nunn (R-IA) joined with credit union leaders and members at Veridian Credit Union’s downtown Ingersoll branch to speak on his new bill, the Rural Credit Access Act of 2024.
The bill, which is co-sponsored by Rep. Don Davis (D-NC), aims to provide greater access to community development financial institutions (CDFIs). A video of his remarks at the credit union can be viewed here.
“There’s no one better than our credit unions on the front lines every day providing a lot of assistance to folks across Iowa,” Nunn said. “Whether it’s hometowns in Ottumwa or right here in Des Moines, our credit unions have been a longtime partner, and really helped states like Iowa outkick our coverage when it comes to supporting our communities of all types.”
Added Murray Williams, president/CEO of the Iowa CU League, “Community development financial institutions or CDFIs, all share a common goal to expand economic opportunities in underserved communities by providing access to financial products and services. Congressman Nunn’s legislation aligns perfectly with the ‘people helping people’ mission of credit unions and supports the financial well-being for all Iowans across the state.”
According to the league, Nunn started the morning with an introduction of the bill, followed by remarks from Iowa credit union leaders, including Williams, Greg Hanshaw, president/CEO of Community 1st Credit Union, and Renee Christoffer, president/CEO of Veridian Credit Union.
Five CDFIs in State
Community 1st and Veridian are two of the five CDFI credit unions in Iowa. Hanshaw and Christoffer spoke on their credit unions’ CDFI experience, the association said.
The other three CDFI-designated credit unions include Ascentra Credit Union, Casebine Community Credit Union and Dupaco Community Credit Union.
“These credit unions collectively have been awarded more than $10 million in CDFI funding, which has been leveraged towards the creation of financial programs for underbanked Iowans,” America’s Credit Unions said.
Those programs include first-time home buyer assistance, loans to support immigration and citizenship costs, payday alternative loans and credit builder loans.
‘An Important Measure’
“Credit unions have a long history of having a strong presence in underserved areas and low-income communities. With credit unions now making up nearly one third of CDFIs, the CDFI Fund is an important partner for the credit union community in serving these areas,” America’s Credit Unions President/CEO Jim Nussle said in a statement. “We thank Congressman Nunn for introducing this important measure to improve the operations of the Fund. This legislation will ensure his constituents in Iowa and consumers across the country have safe and reliable access to CDFI institutions and the programs they provide without unexpected disruptions in service.”
Rep Flags ‘CU Difference’
Separately, Rep. Ken Calvert (R-CA) recently recognized the “credit union difference” and the effect CUs are having in California, America’s Credit Unions reported.
“As a long-time credit union member and supporter, I appreciate the difference between credit unions and banks. Credit unions are not-for-profit financial cooperatives that are democratically controlled,” he said.
Calvert called attention to the work of the 263 credit unions in his home state of California and added “credit unions consistently rank as the most popular form of depository institutions in America.”
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