Removing Barriers Blog

CUNA-supported legislation passes the House - H.R. 5532 and H.R. 6735
Posted September 21, 2020 by CUNA Advocacy

The House voted to pass two CUNA-supported pieces of legislation, H.R. 5532, the Ensuring Diversity in Community Banking Act of 2019 and H.R. 6735, the COVID-19 Fraud Prevention Act. Prior to the vote on the House floor, CUNA wrote to Speaker Pelosi and Minority Leader McCarthy in support of both pieces of legislation.

H.R. 5532 would encourage federal government deposits in Minority Depository Institutions (MDIs), establish a Small Business Administration task force focused on MDIs and Community Development Financial Institutions   and require diversity and inclusion reports from each prudential regulator.

We believe this bill is well placed to support MDI and CDFI credit union’ resiliency so that minority and underserved communities can continue to benefit from the financial opportunities they provide. This is especially urgent in the context of the pandemic. CDFI credit unions have provided more than $1.3 billion in Paycheck Protection Program (PPP) loans to small businesses.

H.R. 6735 would establish a working group that would be a collaboration between the Securities and Exchange Commission and Consumer Financial Protection Bureau with the goal of helping to protect scam attempts during the pandemic.

“Several of our member credit unions are reporting phishing attempts disguised as information from international organizations on COVID-19, as well as emails with links to make donations to various causes in support of phony COVID-related charities,” the letter reads “CUNA, our league partners, and member credit unions have encouraged credit union members and staff to be cognizant of phishing emails and never click unknown attachments or links and to be cautious of emails and phone calls asking for unexpected personal information.”

We believe this bill is well placed to support MDI and CDFI credit union’ resiliency so that minority and underserved communities can continue to benefit from the financial opportunities they provide. This is especially urgent in the context of the pandemic,” CUNA’s letter reads.





“We thank the House for advancing these bills to will help support CDFIs and MDIs, as well as combat bad actors seeking to use the pandemic to further their scams,” said CUNA President/CEO Jim Nussle. “Both will provide credit unions with resources to continue supporting their members through the pandemic and economic recovery.”