With the cooperative member-owner structure, credit unions are often regarded as pioneers of financial consumer protection. This also rings true in diversity and inclusion, where marginalized communities have often relied on credit unions for access to credit as an alternative to larger financial institutions. So, when the Consumer Financial Protection Bureau (CFPB) sought comments on ways to prevent credit discrimination and promote equitable credit access through the Equal Credit Opportunity Act (ECOA), the League leveraged the opportunity to express how Ohio credit unions continue to serve the underserved, specifically minority-owned business, through affordable financial products and services.
Please find the League's full comment letter here. If you have questions or concerns regarding ECOA, please contact League Regulatory Counsel Chris Noble.