Landmark FOM bill introduced in wake of CUNA GAC

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

 

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