Sen. Alex Padilla, D-Calif., introduced the
CUNA and league-led Expanding Financial Access for Underserved Communities Act. The bill, which represents the most significant modernization of the Federal Credit Union Act since 1998, passed the
House in June as part of a larger legislative package.
“We thank Sen. Padilla for his leadership in helping credit unions bring safe and affordable financial services to under- and unbanked communities,” said CUNA President/CEO Jim Nussle. “The House has already passed this bill, and we
look to continue to gather support in the Senate for this much-needed update to credit union fields of membership.”
The legislation would:
More than 750 census tracts are financial deserts, and a net 7,800+ bank branches closed between January 2005 and March 2021, according to CUNA research. Credit unions opened more than 1,400 net credit union branches over the same period.
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