The CUNA/League-supported Expanding Financial Access for Underserved Communities Act (H.R. 7003) 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.
“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,” said CUNA President/CEO Jim Nussle. “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."
Specifically, H.R. 7003 would:
The landmark legislation was introduced on the heels of the 2022 CUNA Governmental Affairs Conference, where nearly 4,500 credit union advocates shared with lawmakers how they improve their members’ financial well-being and advance their communities, and is the product of continued CUNA, League, and credit union advocacy.
Chairwoman Waters has flagged the Expanding Financial Access for Underserved Communities Act for markup by the House Financial Services Committee on Wednesday, March 16.
Author: Mike Lawson
Married to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.