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| House Committee to Mark Up Field of Membership Modernization Bill |
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The House Financial Services Committee will mark up CUNA and League-supported legislation starting Tuesday, May 17. The bill, the Expanding Financial Access to Underserved Communities Act (H.R. 7003), was introduced in March by Chairwoman Maxine Waters, D-Calif.
This legislation is a major step toward increasing financial inclusion by simply allowing credit unions to serve communities that have been left behind by the big banks, said CUNA President/CEO Jim Nussle. We thank the House Financial Services Committee and Chairwoman Waters for taking the bill up.
The Expanding Financial Access for Underserved Communities Act would:
Allow all federal credit unions to add underserved areas to their field of membership
Exempt business loans made by credit unions in underserved areas from the credit union member business lending cap.
Expand the definition of an underserved area to include New Markets Tax Credit areas and any area that is more than ten miles from the nearest financial institution branch.
Copyright 2022. CUNA News. (link) |
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