CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » Landmark FOM bill introduced in wake of CUNA GAC
Policy & Issues

Landmark FOM bill introduced in wake of CUNA GAC

March 9, 2022
Cap1

The CUNA/League-supported Expanding Financial Access for Underserved Communities Act was introduced by House Financial Services Committee Chair Rep. Maxine Waters, D-Calif., Wednesday. The bill would be the first significant overhaul of the Federal Credit Union Act since 1998 and would make several updates to credit union field of membership and member business lending requirements, including addressing credit unions’ ability to serve underserved and marginalized communities.

“Thank you to Chairwoman Waters for introducing this bill that would help increase access to safe and affordable credit union services to underserved communities across the country,” said CUNA President/CEO Jim Nussle. “This bill will allow credit unions to further fulfill their congressional mandate by being there for consumers left un- and underbanked by companies putting profit ahead of people.”

Specifically, the bill 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 any area that is more than 10 miles from the nearest branch of a financial institution.

The landmark legislation was introduced on the heels of the 2022 CUNA GAC, where nearly 4,500 credit union advocates shared how they improve their members’ financial well-being and advance their communities with lawmakers, and is the product of continued CUNA, League, and credit union advocacy.

“This bill is a great example of the collaborative superpower that the CUNA/League system brings to credit union advocacy,” said CUNA Executive Vice President and Chief Advocacy Officer Ryan Donovan. “Thank you to the California Credit Union League for helping get this critical legislation introduced.”

“The California and Nevada Credit Union Leagues has been and continues to be thrilled to work alongside Chairwoman Waters on advancing this critical piece of legislation,” said Diana Dykstra, president/CEO of the California and Nevada Credit Union Leagues. “Credit unions alone cannot solve the banking desert issue, however, credit unions cannot contribute to the solution if outdated field of membership restrictions remain a barrier.

“Our team has been working on this concept with Chairwoman Waters for over a year to amass a winning coalition and to work the legislative process the right way,” she added. “We applaud her efforts and those willing to join us in resolving this issue in order to advance America's communities.”

Rep. Ed Perlmutter, D-Colo., is an original cosponsor of the bill. 

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • CUNA Mascot Madness: Voting opens for East Region

  • Mascot Madness: East winner crowned; Midwest voting opens

  • League leaders highlight credit union difference, safety, soundness

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which Midwest Region mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us