Be sure to watch the entire interview below the show notes for all the details.
CUNA Chief Advocacy Officer Ryan Donovan dropped by the show to share CUNA's take on the recent news regarding the House of Representatives passing a bill (Expanding Financial Access for Underserved Communities Act) modernizing credit union fields of membership — ultimately, addressing those financial deserts.
Ryan explained what the bill allows credit unions to do now:
Allow all federal credit unions to add underserved areas to their field of membership.
Exempt business loans made in underserved areas from the member business lending cap.
Expand the definition of an underserved area to include New Markets Tax Credit areas and any area that is more than ten miles from the nearest financial institution branch.
Lastly, Ryan discusses what the passing of this bill means for credit union -- its significance for the industry, as well as next steps as the bill now goes to the Senate.
Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.