Berger to Congress: Reject postal banking programs, empower CUs
In an op-ed published in Morning Consult, NAFCU President and CEO Dan Berger called on Congress to empower credit unions to help the nation’s 63 million unbanked and underbanked consumers as opposed to supporting complex, untested postal banking programs.
“There are too many unbanked and underbanked American consumers relying on high-interest, high-fee loans through check-cashing services, pawn shops, payday lenders and paycheck advance shops,” wrote Berger.
As safe, affordable, and consumer-focused financial institutions, credit unions are well equipped to meet the needs of our underserved communities – but lawmakers must pass policy changes.
According to Berger, “Congress should look to remove regulatory barriers and allow credit unions to serve more communities in need of affordable, consumer-centric financial services, by allowing all types of credit unions to add underserved areas to their fields of membership.”
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