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."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
