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NAFCU shares support for bill to increase veterans’ access to financial services
NAFCU Vice President of Legislative Affairs Brad Thaler Tuesday wrote to the House Veterans’ Affairs Committee ahead of today’s hearing to voice the association’s support for the draft legislation, Building Credit Access for Veterans Act of 2022. This draft mirrors legislation introduced in the Senate last year (S. 1838).
"NAFCU’s members, particularly defense credit unions, take special pride in serving veterans, and this measure will help increase economic opportunity and make the financial system more inclusive," wrote Thaler.
In the letter, Thaler outlined the significance of the draft legislation, noting that NAFCU and its member credit unions have long advocated for the use of alternative credit scoring models that accurately identify creditworthy borrowers who would be excluded by traditional credit reporting.
“Using more and better information to improve credit scoring for loans guaranteed by the Department of Veterans Affairs will also strengthen credit unions’ unique relationships with their members and increase veterans’ access to affordable financial products and services, including home mortgages,” added Thaler.
Of note, Anthony Hernandez, President and CEO of the Defense Credit Union Council (DCUC), expressed similar sentiments in a letter to the Committee, hoping that the bill “will pass and help craft a regulatory environment focused on protecting our veterans from taking on loans with higher interest rates or worse, settling for sub-standard housing.”
Read the letter. NAFCU will monitor the hearing, set for 10:00 a.m. Eastern, and will continue to advocate for a healthy regulatory environment where credit unions are able to best provide members with access to credit.