WASHINGTON — House Appropriations Financial Services Subcommittee Chairman Jos?(C) E. Serrano (D-N.Y.) has introduced a bill to permit federal credit unions of all charter types to serve underserved areas.
NCUA was forced by litigation brought by the American Bankers Association two years ago to change its field of membership approval policies to permit only multi-group credit unions to adopt underserved areas. The legislation is also a provision of the Credit Union Regulatory Improvements Act (H.R. 1537).
"This legislation underscores that credit unions are a powerful ally for underserved and low-income consumers," NAFCU President/CEO Fred Becker said. "Credit unions have typically charged lower rates and fees and offered services designed to meet their members' unique needs, including financial education and Spanish-language materials."
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