Field of membership expansion clears U.S. House
Published by: Jared Weiser
June 15, 2022 | Government Affairs, Regulatory
As people-focused financial cooperatives, your credit union constantly serves financial needs through a branch network that empowers communities with unique products and services. That’s why the CUNA/League system is championing legislation that would enable credit unions to reach more communities that need access to financial services. H.R. 7003, the Expanding Financial Access for Underserved Communities Act, empowers federally chartered credit unions to reach into underserved communities and exempts any member business loan made within an underserved area from the member business lending cap, regardless of charter type.
The language included in H.R. 7003 recently passed the U.S. House of Representatives, bringing this important issue one step closer to law. The League and CUNA will now focus our efforts on the U.S. Senate, where we will continue to highlight how Ohio credit unions can help underserved communities.
Reach out to Legislative Affairs Director Jared Weiser for questions or how to help encourage H.R. 7003 passage.
