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NCUA Asks Congress to Expand Ability of CUs to Serve the Underbanked

Agency's executive director, David Marquis, testifies to House panel that adding underserved areas would address issue.

By Claude R. Marx | Updated on September 22, 2011

Single common bond and community-chartered credit unions should be allowed to add underserved areas to their field of membership as a way to reduce the number of underbanked and unbanked Americans, NCUA Executive Director David Marquis told a House panel on Thursday.

Congress should make that change and also permit credit unions to provide services in adjacent geographic areas that are economically distressed, Marquis said in testimony prepared for delivery to the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit.

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