WASHINGTON—Leaders from CUNA, the Illinois Credit Union League, Faith-Based Credit Union Alliance, Inclusiv, and CUNA Mutual Group, met with leaders from the Congressional Black Caucus (CBC) in Chicago.
The groups discussed what they said is the importance of financial access for underserved communities, and how the CUNA-league-supported Expanding Financial Access for Underserved Communities Act (H.R. 7003) would advance those goals, CUNA reported.
"It was a pleasure to meet with leaders from the Congressional Black Caucus (CBC) to discuss the importance of financial access in advancing underserved and marginalized communities," said Jim Nussle, CUNA president/CEO. "The CBC has a storied legacy of fighting for communities that are too often left behind or denied a seat at the table. America’s credit unions look forward to working with CBC members to pass H.R. 7003 and address financial inequities to restore power and vibrancy to communities across the country.”
What Legislation Seeks to Do
As CUToday.info reported, H.R. 7003, which passed the House Financial Services Committee last month, would:
- Allow all federal credit unions to add underserved areas to their field of membership
- Exempt business loans made by credit unions in underserved areas from the credit union member business lending cap
- Expand the definition of an underserved area to include New Markets Tax Credit areas and any area that is more than ten miles from the nearest financial institution branch
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