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NAFCU sends support for HFSC’s Expanding Opportunities in Banking Act
Ahead of today’s “Access Denied: Eliminating Barriers and Increasing Economic Opportunity for Justice-Involved Individuals” hearing, NAFCU Vice President of Legislative Affairs Brad Thaler sent a letter to the House Financial Services Diversity and Inclusion Subcommittee regarding promoting equal treatment in the financial services industry for those who have come into contact with the criminal justice system.
“NAFCU supports the aim of the draft ‘Expanding Opportunities in Banking Act’ in reducing barriers to employment on the basis of past minor offenses and hopes that this legislation is formally introduced and receives consideration from the Financial Services Committee,” wrote Thaler.
Similar initiatives to reduce barriers to employment have been a steady priority for the NCUA, specifically the NAFCU-supported Second Chance Interpretive Ruling and Policy Statement issued in 2019.
In addition to supporting the “Expanding Opportunities in Banking Act”, Thaler also noted that NAFCU supports measures to increase access to financial services for all such as allowing all types of credit union charters to add underserved areas, and efforts to promote de novo credit unions such as H.R. 4590, the Promoting New and Diverse Depository Institutions Act.
NAFCU is set to monitor the hearing scheduled for later this morning and will provide credit unions with updates as the Committee looks to expand access to the financial services sector for underserved populations. Read Thaler’s full letter here.