summary
Introduced
09/19/2022
09/19/2022
In Committee
09/19/2022
09/19/2022
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A bill to amend the Federal Credit Union Act to permit credit unions to serve certain underserved areas, and for other purposes.
AI Summary
This bill, the Expanding Financial Access for Underserved Communities Act, amends the Federal Credit Union Act to allow credit unions to serve certain "underserved areas." The bill defines an underserved area as a geographic area that is an investment area, has a high percentage of low-income communities, or is more than 10 miles from the nearest branch of a depository institution or credit union. The bill also allows credit unions to apply to expand their field of membership to serve these underserved areas, and requires them to submit a report on their efforts to serve the new members within 2 years. Additionally, the bill exempts certain business loans made to members in underserved areas from the credit union member business lending cap.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S4823) (on 09/19/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/4879/all-info |
| BillText | https://www.congress.gov/117/bills/s4879/BILLS-117s4879is.pdf |
| Bill | https://www.congress.gov/117/bills/s4879/BILLS-117s4879is.pdf.pdf |
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