WASHINGTON — The credit union lobby appears to have a supporter in Congressman Jos?(C) E. Serrano (D-N.Y.) and he is someone in a very good position for credit unions to have a friend.
Just 18 months after the Appropriations Committee chairman, now retired, said credit unions needed to document their work for the underserved in order to justify their tax-exemption, Serrano, chairman of the House Appropriations Financial Services Subcommittee, has introduced a bill to help federal credit unions expand their reach into the underserved markets. Affordable Financial Services Enhancement Act (H.R. 3113) is a concise, one-sentence bill that would do just that.
"Through this positive legislation, Chairman Serrano recognizes the valuable work of NCUA, the Community Development Financial Institutions Fund and NAFCU on behalf of the underserved," NAFCU President/CEO Fred Becker said.
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