[Congressional Record (Bound Edition), Volume 154 (2008), Part 16]
[Senate]
[Pages 22244-22245]
[From the U.S. Government Publishing Office, www.gpo.gov]




       IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONAL ACT

  Mr. AKAKA. Mr. President, too many Americans are left out of our 
mainstream financial institutions. Millions

[[Page 22245]]

of working families do not have a bank or credit union account. The 
unbanked rely on alternative financial service providers to obtain cash 
from checks, pay bills, and send remittances. Many of the unbanked are 
low-and moderate-income families that can ill afford having their 
earnings diminished by reliance on these high-cost and often predatory 
financial services. In addition, the unbanked are unable to save 
securely to prepare for the loss of a job, a family illness, a down 
payment on a first home, or education expenses. There are few 
affordable alternatives for consumers who need small loans quickly.
  We need to enact S. 3410, the Improving Access to Mainstream 
Financial Institutions Act of 2008. This legislation authorizes grants 
intended to help low- and moderate-income unbanked individuals 
establish credit union or bank accounts. The legislation also 
authorizes a grant program to encourage the development of affordable 
small loans at banks and credit unions.
  Mr. President, I ask unanimous consent to have a letter of support 
from the Credit Union National Association, CUNA, for S. 3410 printed 
in the Record.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:

                                                   August 1, 2008.
     Hon. Daniel Akaka,
     U.S. Senate,
     Washington, DC.
       Dear Senator Akaka: On behalf of the Credit Union National 
     Association (CUNA), I am writing in regards to S. 3410, the 
     ``Improving Access to Mainstream Financial Institutions Act 
     of 2008.'' CUNA is the nation's largest credit union advocacy 
     organization, representing nearly 90 percent of our nation's 
     8,300 state and federally chartered credit unions, their 
     state credit union leagues, and their more than 90 million 
     credit union members.
       CUNA applauds your efforts to encourage low and moderate-
     income individuals to establish account relationships with 
     mainstream financial institutions and to assist financial 
     institution in offering low cost alternatives to payday 
     loans.
       Promoting thrift is one of the core missions of credit 
     unions. Credit unions throughout the nation are dedicated to 
     developing and offering products that provide consumers 
     affordable payday lending alternatives. Credit unions also 
     strive to improve their members' economic well-being through 
     financial literacy programs and other initiatives. Because 
     the intent of S. 3410 and the mission of credit unions are so 
     well aligned, CUNA looks forward to the opportunity to work 
     with you and your staff to suggest operational improvements 
     to the bill as it makes its way through the legislative 
     process.
       On behalf of CUNA, our state leagues, member credit unions 
     and their credit union members, I appreciate the opportunity 
     to share our views on S. 3410, and we look forward to 
     continuing to work with you on these and other issues 
     important to consumers.
           Sincerely,
                                                   Daniel A. Mica,
     President & CEO.

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