WASHINGTON—The Treasury Department has been told what financial inclusion means when it comes to credit unions.
In a comment letter in response to a request for comment on the issue, America’s Credit Unions’ Amanda Smith explained credit unions have enacted several innovative programs to provide financial services to unbanked or underbanked populations.
“Our member credit unions have reported that financial inclusion means providing products and services that are accessible for all, with pricing that provides value and improves financial wellness,” wrote Smith.
She also outlined the trade group’s policy that encourage the building and leveraging of partnerships between key government agencies, non-profits, and credit unions.
The Priorities
According to America’s Credit Unions, those priorities include:
- Field of membership reform and reevaluation of limitations that currently exist under the Federal Credit Union Act
- Flexibility to offer small dollar loans to small community businesses and a net aggregate of $250,000 for the Member Business Loan exemption
- Support for the Member Business Loan Expansion Act and the Veterans Member Business Loan Act
- Revisions to the current community development financial institution criteria to expand access and provide additional funding, as well as additional clarity from the Treasury Department
- Expanding programs offered by the government-sponsored enterprises, Federal Home Loan Banks (FHLBs), and other similar organizations to provide additional housing support and allowing more credit unions to become members of the FHLBs to better serve their communities
- Improvements to the Payday Alternative Loans Program and investment in the NCUA’s Minority Depository Institution Preservation Program
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