Congressman Zach Nunn highlights Community Development Financial Institutions (CDFI) bill with Iowa Credit Unions
CDFI credit union hosts Nunn and his staff
DES MOINES, IA (February 12, 2024) — Congressman Zach Nunn joined Iowa credit union leaders and members at Veridian Credit Union’s downtown Ingersoll branch Monday morning to speak on his new bill, the Rural Credit Access Act of 2024. The bill would ensure Iowans and consumers across the country have greater access to Community Development Financial Institutions (CDFIs) and the programs they provide to underserved and low-income communities.
“Community Development Financial Institutions or CDFIs, all share a common goal to expand economic opportunities in underserved communities by providing access to financial products and services,” said Murray Williams, President/CEO of the Iowa Credit Union League (ICUL). “Congressman Nunn’s legislation aligns perfectly with the ‘people helping people’ mission of credit unions and supports the financial well-being for all Iowans across the state.”
Nunn started the morning with an introduction of the bill, followed by remarks from Iowa credit union leaders including Williams, Greg Hanshaw, President/CEO of Community 1st Credit Union and Renee Christoffer, President/CEO of Veridian Credit Union. Community 1st and Veridian are two of the five CDFI credit unions in Iowa. Hanshaw and Christoffer spoke on their credit unions’ CDFI experience.
The other three CDFI-designated credit unions include Ascentra Credit Union, Casebine Community Credit Union and Dupaco Community Credit Union. These credit unions collectively have been awarded more than $10 million in CDFI funding, which has been leveraged towards the creation of financial programs for underbanked Iowans. Those programs include first-time home buyer assistance, loans to support immigration and citizenship costs, payday alternative loans and credit builder loans.
“Credit unions have a long history of having a strong presence in underserved areas and low-income communities,” said Jim Nussle, President/CEO of America’s Credit Unions. “With credit unions now making up nearly one third of CDFIs, the CDFI fund is an important partner for the credit union community in serving these areas. We thank Congressman Nunn for introducing this bill.”
About Iowa Credit Union League
The Iowa Credit Union League is the trade association that represents the interests of Iowa credit unions and their 1.4 million Iowa members. Credit unions are not-for-profit, financial cooperatives owned and operated by their members. Iowans use their credit union membership to receive higher interest rates on savings and lower interest rates on loans. For more information on ICUL, visit www.IowaCreditUnions.com.