America’s Credit Unions President/CEO Jim Nussle wrote to the Senate Banking Subcommittee on Housing, Transportation and Community Development to detail several ways Congress can support credit unions’ efforts to encourage homeownership.
“One of the most important things that Congress could do to promote financial inclusion and ensure that access to financial services is equitable would be to ensure that Federal law permits all Federal credit unions to serve underserved areas,” wrote Nussle. Under current law, only multiple common bond credit unions are eligible to add underserved areas to their field of membership.
“If the policy goal is to ensure that all have access to affordable financial services, then the policy should not restrict a subset of member-owned, not-for-profit financial institutions from providing service to these communities,” added Nussle.
In addition, Nussle highlighted that Congress should continue to support important programs that facilitate a credit union’s ability to improve their members’ financial well-being, such as the Community Development Financial Institution Fund and the Community Development Revolving Loan Fund.
Finally, Nussle explained that government policy can impact affordability, noting several opportunities where the Federal Housing Finance Agency could enhance their policies to increase homeownership.
Read the full letter. America’s Credit Unions will continue to engage lawmakers on this topic and support legislative solutions to improve access to housing and reduce gaps in homeownership.
