This bill allows federal credit unions to expand their membership to serve underserved communities, defined as low-income areas, investment areas under federal community development programs, or locations more than ten miles from the nearest bank or credit union branch. Credit unions applying to serve these areas must submit business plans explaining how they will meet the needs of the underserved population, and larger credit unions with over $10 billion in assets must establish consumer advisory panels and consult with them at least twice yearly to ensure appropriate service. The legislation also permits credit unions to make member business loans to borrowers living or operating in underserved areas, with the National Credit Union Administration required to report to Congress on implementation every two years starting three years after the bill's enactment. No specific federal funding is authorized in the bill, as it primarily removes regulatory restrictions on credit unions rather than providing new resources.
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