Credit Anti-Discrimination Bill Gets a Boost From Credit Union Association
April 15, 2010
In December, we told you about the Freedom from Discrimination in Credit Act -- a bill from Reps. Barney Frank and Steve Israel that would amend the Equal Credit Opportunity Act to prohibit banks, credit card companies, retailers and other entities from discriminating in the provision of credit based on sexual orientation or gender identity.
This week the Credit Union National Association, which represents 90 percent of all U.S. credit unions, announced its endorsement of the legislation and will also adopt the non-discrimination principles put forth in the bill.
Chairman Frank said: “It is very important that we combat discrimination in whatever form it occurs. I am grateful to Congressman Israel for plugging another hole in our defense against unequal treatment.” Rep. Israel said: “I commend the Credit Union National Association for their endorsement and decision to adopt the principles in the Freedom from Discrimination in Credit Act and I call on other financial institutions to follow their lead. Americans have become painfully aware that our economy depends on the ability to secure credit – small businesses, students, homeowners and consumers all need it to grow and prosper. In these tough economic times, the last thing that anyone should have to worry about when applying for a loan or credit card is their sexual orientation or gender identity getting in the way.” Finally, Daniel Mica, President and CEO of the Credit Union National Association said: “Obtaining credit is important to all Americans looking to buy a home, car, go to college or start a small business. This legislation is an important step in ensuring that all applicants for credit will be considered based solely on their financial qualifications. As an organization that values inclusion and equality, CUNA has taken the important step of adopting the non-discrimination principles embodied in this bill.”