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.
The panel was hearing testimony from Marquis and senior officials of the FDIC and the Office of the Comptroller of the Currency as well as from banking lobbyists, academics and advocates. The hearing was called "An Examination of the Availability of Credit for Consumers."
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