Ahead of the Senate Banking Committee hearing on “Housing Roadblocks: Paving a New Way to Address Affordability,” America’s Credit Unions President/CEO Jim Nussle wrote a letter describing the expanded role credit unions can play to address the housing affordability crisis.

Nussle highlighted the need to change the Federal Home Loan Banks (FHLBs) definition of Community Financial Institutions (CFIs) to include credit unions, as having more access to liquidity would better equip credit unions to support their communities. To underline the importance of this change, Nussle pointed out that “[a] recent Call Report data indicates that over 1,800 credit unions would be eligible for FHLB membership only if they could qualify as CFIs.”

In addition to expanding the definition of CFIs, Nussle highlighted the housing affordability programs already in place at credit unions and underscored the beneficial impact of modernizing the field of membership restrictions on credit unions’ ability to better serve underserved and disadvantaged populations.

“We look forward to engaging with the Committee to develop legislative solutions, such as expanding the ability for all credit unions to add underserved areas, to improve access to housing and reduce gaps in homeownership rates,” Nussle wrote.

Read the full letter here.