Union Calendar No. 265
117th CONGRESS 2d Session |
[Report No. 117–351]
To amend the Federal Credit Union Act to permit credit unions to serve certain underserved areas, and for other purposes.
March 8, 2022
Ms. Waters (for herself and Mr. Perlmutter) introduced the following bill; which was referred to the Committee on Financial Services
June 7, 2022
Additional sponsor: Mr. David Scott of Georgia
June 7, 2022
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
[For text of introduced bill, see copy of bill as introduced on March 8, 2022]
To amend the Federal Credit Union Act to permit credit unions to serve certain underserved areas, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Expanding Financial Access for Underserved Communities Act”.
SEC. 2. Credit union service to underserved areas.
Section 109 of the Federal Credit Union Act (12 U.S.C. 1759) is amended—
(2) by adding at the end the following:
“(h) Change of field of membership to include underserved areas.—
“(1) IN GENERAL.—If an existing Federal credit union applies to the Board to alter or expand the field of membership of the credit union to serve an underserved area, the credit union shall submit a business and marketing plan with such application that explains the credit union’s ability and intent to serve the population of the underserved area through the change in field of membership.
“(2) REPORT BY CREDIT UNION.—Not later than 2 years after the date on which a Federal credit union’s application described under paragraph (1) is approved, the credit union, as part of the ordinary course of the examination cycle and supervision process, shall submit a report to the Administration that includes—
“(A) an estimate of the number of members of the credit union who are members by reason of the application;
SEC. 3. Member business lending in underserved areas.
Section 107A(c)(1)(B) of the Federal Credit Union Act (12 U.S.C. 1757a(c)(1)(B)) is amended—
SEC. 4. Underserved area defined.
Section 101 of the Federal Credit Union Act (12 U.S.C. 1752) is amended—
(3) by adding at the end the following:
“(10) The term ‘underserved area’ means a geographic area consisting of one or more population census tracts or one or more counties, that encompass or are located within—
“(A) an investment area, as defined under section 103(16) of the Community Development Banking and Financial Institutions Act of 1994;
“(B) groups of contiguous census tracts in which at least 85 percent individually qualify as low-income communities, as defined under section 45D(e) of the Internal Revenue Code of 1986; or
SEC. 5. Reports by the National Credit Union Administration.
(a) Initial report.—Not later than 3 years after the date of enactment of this Act, but no sooner than 2 years after the date of enactment of this Act, the National Credit Union Administration shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the implementation of the amendments made by this Act.
(b) Update.—The National Credit Union Administration shall issue an updated report on the implementation of the amendments made by this Act to the committees described under subsection (a) on the date that is 5 years after the date on which the Administration issues the initial report under subsection (a).
Union Calendar No. 265 | |||||
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[Report No. 117–351] | |||||
A BILL | |||||
To amend the Federal Credit Union Act to permit credit unions to serve certain underserved areas, and for other purposes. | |||||
June 7, 2022 | |||||
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed |