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ACB: No Need to Expand CU Service in Underserved Areas, Says the ACB

Following Congressman Jos?(C) Serrano's (D-N.Y.) introduction of legislation to allow federal credit unions of all charter types to adopt underserved areas, America's Community Bankers wrote the lawmaker that his legislation was unnecessary.

By Staff Writer | Updated on August 07, 2007

WASHINGTON — Following Congressman Jos?(C) Serrano’s (D-N.Y.) introduction of legislation to allow federal credit unions of all charter types to adopt underserved areas, America’s Community Bankers wrote the lawmaker that his legislation was unnecessary.

“We applaud your longstanding efforts to help provide basic financial services to those who have not had access the U.S. financial system,” ACB Vice President of Government Relations Greg Mesack wrote. “ACB shares your goal. Unfortunately we do not believe that the provisions in H.R. 3113 are the correct approach. Rather, your legislation will merely make it easier for tax subsidized credit unions to expand beyond their current charter areas and compete with tax paying community banks.”

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