WASHINGTON—Support for the Building Credit Access for Veterans Act of 2022 has been expressed by NAFCU in a letter to the House Veterans Affairs Committee.
This draft mirrors legislation introduced in the Senate last year (S. 1838).
"NAFCU’s members, particularly defense credit unions, take special pride in serving veterans, and this measure will help increase economic opportunity and make the financial system more inclusive," wrote Vice President of Legislative Affairs Brad Thaler.
In the letter, Thaler outlined the significance of the draft legislation, noting that NAFCU and its member credit unions have long advocated for the use of alternative credit scoring models that accurately identify creditworthy borrowers who would be excluded by traditional credit reporting.
“Using more and better information to improve credit scoring for loans guaranteed by the Department of Veterans Affairs will also strengthen credit unions’ unique relationships with their members and increase veterans’ access to affordable financial products and services, including home mortgages,” added Thaler.
Support from DCUC
Anthony Hernandez, president and CEO of the Defense Credit Union Council (DCUC), expressed similar sentiments in a letter to the Committee, expressing his hope the legislation “will pass and help craft a regulatory environment focused on protecting our veterans from taking on loans with higher interest rates or worse, settling for sub-standard housing.”
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