ARLINGTON, Va.–In response to the Treasury Department’s 2022-26 strategic plan, NAFCU President and CEO Dan Berger has sent a letter offering recommendations, most especially a need for clearer information on incentives and programs to underserved communities.
“The underutilization of government incentives and programs by underserved communities can be primarily attributed to poor communication and the widespread perception that these tools are difficult to access,” wrote Berger.
According to the letter, credit unions are an “easy choice as trusted partners” for Treasury to help disseminate this information and are equipped to meet the financial needs of those in underserved communities. Berger noted the Expanding Access for Underserved Communities Act, currently before the House Financial Services Committee and which NAFCU supports, would allow federal credit unions to add underserved areas to their fields of membership.
In addition, Berger suggested Treasury strengthen its coordination with non-governmental partners in helping advance financial stability and equitable economic growth by “maintaining robust and consistent lines of communication.” As part of this effort, NAFCU encouraged continued information sharing to address cybersecurity risk, specifically between Treasury and government agencies who then communicate with public and private entities.
A Final Suggestion
As a final suggestion, Berger called on Treasury to identify and define its strategic goals and share them with public and private sectors, including financial institutions.
“This will provide a distinct framework to help the public understand how Treasury intends to make progress, and in doing so, allow the public to evaluate Treasury’s rules and regulations against that framework,” wrote Berger.