WASHINGTON—It’s time to update the Federal Credit Union Act and allow credit unions to broaden their fields of membership to promote financial inclusion, CUNA wrote to members of Congress.
“Congress last overhauled the Federal Credit Union Act in 1998. In the past 25 years, changes in the financial services landscape and evolving consumer expectations have shifted the way people use and view their money,” Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak wrote. It’s time to let credit unions provide members across the country with 21st century solutions.
According to the CUNA letter, modernizing credit union fields of membership will:
- Make access to financial services more equitable and ensure that all federal credit unions can serve more communities across the country
- Increase financial inclusion for traditionally underserved and historically marginalized communities
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