FOM proposal provides greater access to cooperative financial services
Published by: Emily Leite
July 28, 2021 | Political Action
While Ohio credit unions continue to serve more than 3.1 million members with consumer-friendly and accessible financial services, there are countless Ohioans without access to a financial institution. Since the League believes that people and communities achieve their dreams through credit unions, we are working with Congress to further empower Ohio credit unions to expand into underserved and unbanked areas so more communities across the state can be served by member-owned financial cooperatives. This was the message we recently sent directly to the Ohio members serving on the U.S. House Financial Services Committee (HFSC) by urging their support for the Expanding Financial Access for Underserved Communities Act. The Act’s proposed field of membership (FOM) reforms would leverage the successful cooperative business model to impart greater consumer access to financial solutions without expanding government programming or spending. Adding underserved communities to credit union FOM definitions, while also removing member business lending barriers within the same area, will create an environment that addresses banking deserts and ensures well-regulated financial institutions, like credit unions, meet consumer needs. As the HFSC continues to discuss the proposal, the League will continue to partner with CUNA to drive further legislative support during the upcoming annual Hike the Hill event on Sept. 20-22.
Read the League’s letter to the Ohio HFSC Committee members and connect with Chief Advocacy Officer Emily Leite for more information on the FOM legislative proposal.
Contact Emily Leite for questions or assistance.