During the final day of NAFCU’s Congressional Caucus, several lawmakers shared policy insights on the economic recovery and what can be done to ensure financial institutions, like credit unions, are being given the tools they need to best serve their members.
Both House Financial Services Committee Chairwoman Maxine Waters, D-Calif., and Rep. Ed Perlmutter, D-Colo., began their respective remarks by thanking Carlos Pacheco, CEO of Premier Members Credit Union (Boulder, Colo.), for his April testimony on behalf of NAFCU before a House Financial Services subcommittee. Waters continued to thank credit unions for their tireless work to deliver critical relief to businesses, particularly minority-owned small businesses.
Regarding the Small Business Administration’s (SBA) paycheck protection program (PPP), Waters noted that while many megabanks were busy prioritizing wealthy consumers, “credit unions were on the frontline to ensure PPP loans were distributed to mom-and-pop businesses.”
She continued to discuss the thousands of branches of banks that have closed during the last decade, which have sprouted banking deserts across the nation. “I want to hold megabanks accountable for their behavior,” expressed Waters.
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