Senator Alex Padilla introduces FOM expansion bill

Although the chances of enactment this year are iffy—at best—Sen. Alex Padilla, D-Calif., on Monday introduced legislation that would allow all credit unions to expand their fields of membership into underserved areas.

The measure already has passed the House as part of a larger bill. It had no Republican support when it passed and likely faces stiff GOP opposition in the Senate.

It also has been the subject of fierce opposition by banking trade groups, who have termed it a power-grab by the credit union industry.

Support for the Measure

The legislation, however, has remained a priority for credit union trade groups.

 

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