The NAFCU Journal January-February 2020 - 4

FROM THE CHAIR

A Growth Opportunity Worth Investing In
By Jeanne Kucey, NAFCU Board Chair

A

ccess to safe, affordable
financial products and services
is life-changing. A new job
requires a checking account in
which to deposit paychecks. A baby on the
way motivates parents to buy a house. A
small-business owner needs access to capital to buy equipment. However, more than
32 million U.S. households are unbanked
or underbanked, according to the FDIC.
Credit unions repeatedly demonstrate our
commitment to underserved communities; we are leading on the diversity and
inclusion issue.
My institution - JetStream Federal
Credit Union - has demonstrated a commitment to diversity since it was founded
in 1947. We've added select employee
groups (SEGs) and a community charter,
and we have been a NCUA-designated
low-income credit union for almost a
decade. Currently, almost three-fourths
of our membership is classified as lowincome or below.

The year after we received the low-income
designation, we also became a Community Development Financial Institution
(CDFI). As more than two-thirds of our
membership is Hispanic, we were the first
in Florida to join the credit union community "Juntos Avanzamos" ("Together We
Advance"), which is committed to serving
and empowering Hispanic communities.
The low-income designation increases
our ability to provide small businesses
with access to credit, which is a priority
for NAFCU, the Small Business Administration and Congress. It also makes
us eligible to receive grants through the
CDFI fund. With these grants, we've
4

fought poverty and income disparity with
microenterprise and entrepreneurship
lending, and we have helped members
rebuild after natural disasters.
Having the ability to serve members in
diverse communities is one thing; understanding the differences in your membership base and what products each
segment will use is another. Our growth
has been boosted by our understanding
of our membership and a plan to provide
members with services that fit their lives.
JetStream is only one of the thousands
of credit unions that provide these types
of services to struggling individuals and
families. Our institutions are stalwarts
within communities, and we want to do
more. But current laws and regulations
can limit our ability to do so.
Due to my credit union's unique experience serving diverse populations, we were
invited to testify on behalf of NAFCU
before a House financial services subcommittee on these issues last year. We touted
the good work credit unions are doing
but also raised challenges faced by credit
unions that serve low-income and minority
institutions. We recommended that:
■

■

■

■

credit unions' abilities to serve lowand moderate-income individuals; and
Congress pass NAFCU-approved legislation to allow the NCUA to extend maturity limits on federal credit union loans.

Congress is not alone in trying to ensure
that all Americans have equal access to
financial services. Among regulators, the
CFPB is promoting initiatives to help
consumers save and protect them from
bad actors, and the NCUA is committed
to providing credit unions with solutions
to address diversity and inclusion issues.
For more than 100 years, credit unions
have demonstrated our commitment to
providing financial services to Americans in need. Investing in diversity and
inclusion can propel your credit union
toward more growth.
Jeanne Kucey is the president and CEO of
JetStream Federal Credit Union in Miami
Lakes, Fla.

all credit unions be allowed to serve
underserved areas, which would
require congressional amendments to
field-of-membership provisions in the
Federal Credit Union Act (FCUA);
Congress work with the NCUA to
address compliance challenges related
to de novo credit unions by adding
more flexibility in the FCUA;
Congress support the NCUA's efforts
to permit credit unions to issue subordinated debt, which will improve
THE NAFCU JOURNAL JANUARY-FEBRUARY 2020



The NAFCU Journal January-February 2020

Table of Contents for the Digital Edition of The NAFCU Journal January-February 2020

The NAFCU Journal January-February 2020
Contents
Conferences
From the Chair
2020 Advocacy Priorities
The Bottom Line
Leadership Download
Warning: Speed Bumps Ahead
Stepping Into 2020
2020 Vendor Directory
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal January-February 2020 - The NAFCU Journal January-February 2020
The NAFCU Journal January-February 2020 - Cover2
The NAFCU Journal January-February 2020 - Contents
The NAFCU Journal January-February 2020 - 2
The NAFCU Journal January-February 2020 - Conferences
The NAFCU Journal January-February 2020 - From the Chair
The NAFCU Journal January-February 2020 - 5
The NAFCU Journal January-February 2020 - 2020 Advocacy Priorities
The NAFCU Journal January-February 2020 - 7
The NAFCU Journal January-February 2020 - The Bottom Line
The NAFCU Journal January-February 2020 - 9
The NAFCU Journal January-February 2020 - Leadership Download
The NAFCU Journal January-February 2020 - 11
The NAFCU Journal January-February 2020 - Warning: Speed Bumps Ahead
The NAFCU Journal January-February 2020 - 13
The NAFCU Journal January-February 2020 - 14
The NAFCU Journal January-February 2020 - 15
The NAFCU Journal January-February 2020 - 16
The NAFCU Journal January-February 2020 - 17
The NAFCU Journal January-February 2020 - Stepping Into 2020
The NAFCU Journal January-February 2020 - 19
The NAFCU Journal January-February 2020 - 20
The NAFCU Journal January-February 2020 - 21
The NAFCU Journal January-February 2020 - 22
The NAFCU Journal January-February 2020 - 2020 Vendor Directory
The NAFCU Journal January-February 2020 - 24
The NAFCU Journal January-February 2020 - 25
The NAFCU Journal January-February 2020 - 26
The NAFCU Journal January-February 2020 - 27
The NAFCU Journal January-February 2020 - 28
The NAFCU Journal January-February 2020 - 29
The NAFCU Journal January-February 2020 - 30
The NAFCU Journal January-February 2020 - 31
The NAFCU Journal January-February 2020 - 32
The NAFCU Journal January-February 2020 - 33
The NAFCU Journal January-February 2020 - Executive Spotlight
The NAFCU Journal January-February 2020 - Management Insight
The NAFCU Journal January-February 2020 - Compliance Central
The NAFCU Journal January-February 2020 - 37
The NAFCU Journal January-February 2020 - Inside NAFCU Services
The NAFCU Journal January-February 2020 - 39
The NAFCU Journal January-February 2020 - From the President’s Desk
The NAFCU Journal January-February 2020 - Cover3
The NAFCU Journal January-February 2020 - Cover4
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