FOM modernization, ILC loophole legislation scheduled for markup

The House and Senate are both in Washington, D.C., this week. The House Financial Services Committee will mark up several bills Tuesday, including the CUNA-League-supported Expanding Financial Access for Underserved Communities Act (H.R. 7003).

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 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.

CUNA and all credit union Leagues submitted a letter of support for H.R. 7003 Monday in advance of the hearing.

The committee will also mark up:

• Close the ILC Loophole Act (H.R. 5912), which would close industrial loan company loopholes in current law.
• H.R. 7733, which would reauthorize and improve the Community Development Financial Institutions Bond Guarantee program.

CUNA will also be engaged with the House Appropriations Subcommittee on Financial Services and General Government hearing, “Fiscal Year 2023 Budget Request for the Internal Revenue Service” Wednesday.