WASHINGTON—Credit unions have been at the forefront of removing barriers to financial inclusion for the LGBTQ+ community, CUNA wrote to a House Financial Services subcommittee ahead of a hearing on economic inclusion for the LGBTQ+ community.
“Credit unions are mission-driven and committed to advancing financial well-being for all, including the LGBTQ+ community. Biases and discrimination are significant pain points for the LGBTQ+ population,” the letter reads. “For example, individuals in the LGBTQ+ community tend to experience higher levels of unemployment, poverty, and homelessness. Same sex couples are less likely to own property and hold mortgages than different sex couples and a high percentage remain unbanked (21%) making them vulnerable to predatory lending.”
CUNA noted examples of the work credit unions are currently doing, including:
- CU Pride, an LGBTQ+ association for credit union professionals, which is creating a network, educating, creating a forum for allies, and promoting the visibility of LGBTQ+ individuals in the credit union industry
- Element FCU, Charleston, W.V., “is a credit union committed to financial inclusion for the LGBTQ+ community,” CUNA wrote. “They are inclusive in their hiring and financial products, including through an initiative called #BankingWithPride where they create custom LGBTQ+ banking solutions for their members, including using members’ chosen name and pronouns.”