House passes bill to review barriers to credit union, bank formation

Credit union board meeting legislation also approved, a measure supported by both CUNA and NAFCU.

The House on Tuesday passed legislation that would require banking agencies, including the National Credit Union Administration, to investigate the challenges facing groups that want to start a credit union or bank.

The House passed H.R. 4586 by voice vote, with Republican support. The vote came as the House slogged through a list of bills on Tuesday and Wednesday.

The bill also would require the banking agencies to develop a strategic plan to promote the chartering of Minority Depository Institutions (MDIs) that could be certified as Community Development Financial Institutions (CDFIs).

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