CU trades blast Sanders, Ocasio-Cortez banking plan

“If the door to a credit union was open a bit wider, then the underserved and unbanked would be a lot better off."

Credit unions—not post offices—are the answer to increasing financial services for those underserved by financial institutions, credit union trade groups said, responding to a proposal by two high-profile members of Congress.

Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) last week unveiled a proposal to cap interest rates on consumer credit at 15% and to allow post offices to provide basic financial services.

“There is no need to pass legislation requiring the [Postal Service] to provide products and services it wasn’t designed to provide,” CUNA President/CEO Jim Nussle wrote the two lawmakers.

In announcing their proposal, the two praised credit unions for offering financial products at reasonable interest rates.


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