House preparing to consider credit union FOM expansion measure
The House is preparing to consider legislation that would allow all credit unions to expand their fields of membership (FOM) to include underserved areas.
The House Rules Committee has indicated it is likely to meet next week to consider a rule governing floor debate on the measure. After the panel approves a rule, it would go to the House floor. Should the House approve the rule, the bill itself would then be considered on the House floor.
The credit union measure is very different from the one that the House Financial Services Committee approved last month. That bill, H.R. 7003, has been added to H.R. 2543, a measure that, among other things, expands the Community Development Financial Institutions (CDFI) program.
The credit union provisions would expand the ability of all credit unions to serve census tracts in which 85% of the area qualifies as low-income as well as areas that are at least ten miles from a branch of a depository institution.
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