Congressman Zach Nunn Highlights CDFI Bill With Iowa Credit Unions...

Jim Nussle

​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. 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,” said America’s Credit Unions President/CEO Jim Nussle. “We thank Congressman Nunn for introducing this important measure to improve the operations of the Fund. This legislation will ensure his constituents in Iowa and consumers across the country have safe and reliable access to CDFI institutions and the programs they provide without unexpected disruptions in service.”

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