Removing Barriers Blog

Letter of support for Expanding Financial Access for Underserved Communities Act
Posted June 08, 2021 by CUNA Advocacy

CUNA wrote to House Financial Services Committee leadership in strong support of the Expanding Financial Access for Underserved Communities Act. The committee discussed the draft legislation during a hearing last month.

The Expanding Financial Access for Underserved Communities Act is a market-based solution that would make three changes to the Federal Credit Union Act to enable and encourage credit unions to serve underserved and abandoned communities and promote financial inclusion to all at no cost to the taxpayer.

The bill would:

  • Allow all federal credit unions to add underserved areas to their field of membership;
  • Exempt business loans made by credit unions to businesses in underserved areas from the credit union member business lending cap; and
  • Expand the definition of an underserved area to include any area that is more than 10 miles from the nearest branch of a financial institution.