CUNA Backs Proposals to Remove Barriers to Minority Access to Credit

CUNA and its credit union members are committed to ensuring the housing finance market remains both accessible and affordable to minority borrowers, CUNA wrote to House Financial Services Committee leadership Tuesday. The committee conducted a hearing on oversight of the Department of Housing and Urban Development, and CUNA submitted its comments for the record.

“We continue to support policy proposals that recognize that barriers to mortgage credit affordability—such as the Federal Housing Administration’s decision to extend mortgage insurance premiums for the life of a loan without regard to the health of the Mutual Mortgage Insurance Fund—directly and disproportionately have a negative impact on access to mortgage credit for many minority borrowers,” the letter reads.

A robust, smoothly functioning national housing market with an efficient, affordable and fair finance system that provides equal access to borrowers of all races, genders, and ethnicities is a core priority for credit unions and the members they serve,” it adds.