America’s Credit Unions: Loosen rules to increase financial inclusion
Trade group says current rules hamper credit union efforts
Credit unions would serve more low- and moderate-income people if regulators and Congress allowed them to do it, America’s Credit Unions said this week.
The trade group told the Treasury Department that credit unions could increase financial inclusion if field of membership rules were loosened, and if credit unions were permitted to expand their lending.
The Treasury Department late last year solicited public comment on ways to increase financial inclusion in the United States. More than 100 groups and individuals filed comments with the Treasury Department on financial inclusion issues.
In America’s Credit Unions’ response, Senior Regulatory Affairs Counsel Amanda Smith wrote that the trade group does not favor regulatory oversight and mandatory requirements related to financial inclusion. This is because each credit union can only be as diverse as their field of membership permits.
continue reading »