news.cuna.org/articles/120659-landmark-credit-union-field-of-membership-bill-introduced-in-house

Landmark Credit Union Field of Membership Bill Introduced in House

March 9, 2022

FOR IMMEDIATE RELEASE   
March 9, 2022
Washington, DC

 

The CUNA/League-supported Expanding Financial Access for Underserved Communities Act (H.R. 7003) 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. 

“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,” said CUNA President/CEO Jim Nussle. “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."

Specifically, H.R. 7003 would: 

  • Allow all federal credit unions to add underserved areas to their field of membership 
  • Exempt business loans made by credit unions in low-income areas from the credit union member business lending cap. 
  • Expand the definition of a low-income credit union 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 Governmental Affairs Conference, where nearly 4,500 credit union advocates shared with lawmakers how they improve their members’ financial well-being and advance their communities, and is the product of continued CUNA, League, and credit union advocacy.  

Chairwoman Waters has flagged the Expanding Financial Access for Underserved Communities Act for markup by the House Financial Services Committee on Wednesday, March 16.  

 

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About CUNA:           
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 130 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.

 

CONTACT:          
Deshundra Jefferson         
CUNA Communications        
608-231-5770