CUNA Intends to Pursue Legislative Fix to Underserved Area Limits
WASHINGTON -- Following the release of NCUA's Member Services Assessment Pilot Program report, CUNA informed members of Congress that it would be pursuing legislation to allow all federal credit union charter types to adopt underserved areas.
In a letter delivered to the chairmen and members of the Senate Banking and Finance Committees, as well as the House Ways and Means and Financial Services Committees, CUNA President/CEO Dan Mica wrote, "While NCUA's report presents an accurate picture of who federal credit unions are now serving, it is clear that credit unions could be even more inclusive in serving greater numbers of Americans of modest means. The report highlights the fact that traditional field of membership restrictions have generally inhibited credit unions' ability to reach out to greater numbers of underserved individuals and proposes legislative changes to address these restrictions." Along these lines, CUNA, its member state credit union leagues and credit unions nationwide will be contacting Congress to urge enactment of these legislative proposals.
"I am pleased that the NCUA report reaffirms that credit unions are fulfilling their traditional mission of serving lower and middle-income working Americans, including many families who live paycheck to paycheck," Mica added.
CUNA reiterated some of the report's findings, including:
o60% of FCU members have annual incomes of less than $60,000;
o82% of FCU members earn less than $75,000 a year; and
o83% of FCUs offering share/checking accounts and ATM services free to members.