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House Bill Would Allow All CUs to Add Underserved Areas to FOM
Wednesday, June 22, 2016 6:45 AM

The House of Representatives has introduced a bill that would allow credit unions of all charter types to add underserved areas to their fields of membership. Currently, only credit unions with multiple-group charters are able to add underserved areas to their fields of membership.

The new legislation, known as the "Financial Services for the Underserved Act," would permit other types of credit unions to seek the National Credit Union Administration Board's approval to add such areas. The legislation would require the credit union to have a method for servicing those new underserved areas within 24 months.

The bill was introduced by Reps. Tim Ryan (D-Ohio) and Donald Norcross (D-N.J.), with Rep. Ann Kirkpatrick (R-Ariz.) listed as an original co-sponsor.

Ryan Donovan, chief advocacy officer for the Credit Union National Association, said he has been "working with these offices over the last several weeks to make sure the language they introduce achieves their objectives."

"We appreciate the support," Donovan said. "It is further evidence that Congress is interested in consumers having more access to credit unions."