Removing Barriers Blog

We Support Latest Congressional Effort to Expand Field of Membership
Posted July 05, 2016 by CUNA Advocacy

We have sent a letter in support of new legislation introduced by Reps. Tim Ryan (D-OH), Ann Kirkpatrick (D-AZ) and Donald Norcross (D-NJ), that would expand credit union field of membership. Along with the Ohio Credit Union League, we worked with Rep. Ryan over the last several weeks to ensure the legislation achieved his objectives.  It is further evidence of Congressional  interest in consumers having greater access to credit unions 

This legislation would help credit unions serve the unbanked and underbanked by eliminating the requirement that credit unions must have a brick and mortar branch in a rural or underserved area in order to add that area to their field of membership. We support this idea since today’s technology makes it possible to serve members without having a physical branch in a designated underserved area. 

The bill would also allow credit union charters of all types to add rural and underserved areas to their FOM.  While NCUA will be releasing their FOM rule this year, the proposed legislation would expand even more lending in underserved areas.