WEBVTT NOTE This file was generated by Descript 00:00:00.000 --> 00:00:02.000 Hello, this is Samantha Shares. 00:00:02.000 --> 00:00:07.600 This episode covers N C U A’s Board Member Tanya Oatska’s Remarks at Treasury’s 00:00:07.600 --> 00:00:10.800 Roundtable for Providing Financial Access to Justice-Impacted Individuals 00:00:10.800 --> 00:00:14.400 The following is an audio version of those remarks. 00:00:14.400 --> 00:00:18.000 This podcast is educational and is not legal advice. 00:00:18.000 --> 00:00:22.000 We are sponsored by Credit Union Exam Solutions Incorporated, whose 00:00:22.000 --> 00:00:26.400 team has over two hundred and Forty years of National Credit 00:00:26.400 --> 00:00:27.600 Union Administration experience. 00:00:27.600 --> 00:00:33.600 We assist our clients with N C U A so they save time and money. 00:00:33.600 --> 00:00:39.600 If you are worried about a recent, upcoming or in process N C U A 00:00:39.600 --> 00:00:45.200 examination, reach out to learn how they can assist at Mark Treichel DOT COM. 00:00:45.200 --> 00:00:50.800 Also check out our other podcast called With Flying Colors where we provide tips 00:00:50.800 --> 00:00:54.800 on how to achieve success with N C U A. 00:00:54.800 --> 00:00:59.200 Before the remarks you may wonder what the definition of a 00:00:59.200 --> 00:01:00.400 Justice-impacted individuals is. 00:01:00.400 --> 00:01:05.200 Justice impacted individuals include those who have been incarcerated or detained in 00:01:05.200 --> 00:01:09.600 a prison, immigration detention center, local jail, juvenile detention center, or 00:01:09.600 --> 00:01:14.800 any other carceral setting, those who have been convicted but not incarcerated, those 00:01:14.800 --> 00:01:20.000 who have been charged but not convicted, and those who have been arrested. 00:01:20.000 --> 00:01:21.600 And now the remarks. 00:01:21.600 --> 00:01:25.600 As Prepared for Delivery on April 24, twenty twenty four 00:01:25.600 --> 00:01:30.000 Good afternoon and thank you to Deputy Secretary Adeyemo and everyone 00:01:30.000 --> 00:01:33.600 at Treasury for convening this critical and timely discussion. 00:01:33.600 --> 00:01:38.800 The credit union system is an important and unique part of our financial 00:01:38.800 --> 00:01:43.200 system because it is centered around a cooperative business model that 00:01:43.200 --> 00:01:48.000 is driven not by a profit motive or shareholder interests, but by 00:01:48.000 --> 00:01:50.400 the needs of credit union members. 00:01:50.400 --> 00:01:54.800 Many credit unions were created to serve communities that the traditional 00:01:54.800 --> 00:01:56.800 financial system has long forgotten. 00:01:56.800 --> 00:02:02.800 So, it is fitting that the NCUA and credit unions are at the table when 00:02:02.800 --> 00:02:06.400 it comes to providing financial access to justice-impacted individuals 00:02:06.400 --> 00:02:07.600 and marginalized communities. 00:02:07.600 --> 00:02:11.600 One of the challenges justice-impacted individuals face when looking to 00:02:11.600 --> 00:02:17.600 open a bank account is the lack of a driver’s license or other IDs typically 00:02:17.600 --> 00:02:19.600 preferred or required by banks. 00:02:19.600 --> 00:02:24.800 The NCUA previously issued an opinion indicating that it is acceptable to use 00:02:24.800 --> 00:02:29.200 an individual taxpayer identification number (ITIN) to open an account, and 00:02:29.200 --> 00:02:32.000 credit unions have led in this space. 00:02:32.000 --> 00:02:36.000 For example, Stepping Stones Community Federal Credit Union, which is 00:02:36.000 --> 00:02:39.600 here today, serves justice-impacted individuals at three local prisons 00:02:39.600 --> 00:02:43.600 in Delaware by partnering with the Delaware Department of Corrections. 00:02:43.600 --> 00:02:49.200 They use ITINs to open accounts for members and work with the business office 00:02:49.200 --> 00:02:53.600 at the prison to gain identification information to establish the account. 00:02:53.600 --> 00:02:58.400 The prison provides documents certifying the authenticity of the members and names. 00:02:58.400 --> 00:03:02.400 As of November 2023, the program had 482 active accounts 00:03:02.400 --> 00:03:04.000 totaling more than $300,000. 00:03:04.000 --> 00:03:09.200 Several credit unions in New York City, including the Lower East Side People’s 00:03:09.200 --> 00:03:12.800 Federal Credit Union, Neighborhood Trust Federal Credit Union, Urban 00:03:12.800 --> 00:03:17.200 Upbound, and USAlliance currently accept IDNYC, a municipal ID card that 00:03:17.200 --> 00:03:20.000 New York City started issuing in 2014. 00:03:20.000 --> 00:03:25.600 It is available to all residents of New York City, including people from some 00:03:25.600 --> 00:03:30.000 of the most vulnerable communities, such as those who are unhoused, 00:03:30.000 --> 00:03:33.600 justice-impacted individuals, immigrants, and others who may have difficulty 00:03:33.600 --> 00:03:35.600 obtaining a government-issued photo ID. 00:03:35.600 --> 00:03:39.200 Lastly, the NCUA recently updated its policy on preserving 00:03:39.200 --> 00:03:42.800 minority depository institutions (MDIs) -- a main priority for me. 00:03:42.800 --> 00:03:48.000 As a regulator whose focus is to ensure fair, safe, and accessible banking 00:03:48.000 --> 00:03:52.800 services to credit union members, the NCUA is committed to preserving minority 00:03:52.800 --> 00:03:55.600 depository institutions, providing technical assistance and support, 00:03:55.600 --> 00:03:58.000 and encouraging new ones to form. 00:03:58.000 --> 00:04:03.600 M D I’s have a long history of bridging the gap to underserved communities. 00:04:03.600 --> 00:04:08.000 Many of the credit unions doing the work of helping justice-impacted 00:04:08.000 --> 00:04:10.000 individuals are M D I’s. 00:04:10.000 --> 00:04:15.600 Indeed, four out of the five credit unions I mentioned today are designated MDIs. 00:04:15.600 --> 00:04:20.400 I am encouraged by the steps the agency and credit unions have 00:04:20.400 --> 00:04:24.000 taken to address the financial gap justice-impacted individuals face. 00:04:24.000 --> 00:04:30.000 However, we know that more needs to be done, and I look forward to hearing 00:04:30.000 --> 00:04:35.600 from you all on how we can continue to expand access and economic empowerment 00:04:35.600 --> 00:04:37.600 to more people and communities. 00:04:37.600 --> 00:04:38.400 Thank you. 00:04:38.400 --> 00:04:40.000 This concludes the remarks. 00:04:40.000 --> 00:04:46.000 If your Credit union could use assistance with your exam, reach out to Mark Treichel 00:04:46.000 --> 00:04:49.200 on LinkedIn, or at mark Treichel dot com. 00:04:49.200 --> 00:04:53.200 This is Samantha Shares and we Thank you for listening.