[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7003 Reported in House (RH)]
<DOC>
Union Calendar No. 265
117th CONGRESS
2d Session
H. R. 7003
[Report No. 117-351]
To amend the Federal Credit Union Act to permit credit unions to serve
certain underserved areas, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 8, 2022
Ms. Waters (for herself and Mr. Perlmutter) introduced the following
bill; which was referred to the Committee on Financial Services
June 7, 2022
Additional sponsor: Mr. David Scott of Georgia
June 7, 2022
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on March
8, 2022]
_______________________________________________________________________
A BILL
To amend the Federal Credit Union Act to permit credit unions to serve
certain underserved areas, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Expanding Financial Access for
Underserved Communities Act''.
SEC. 2. CREDIT UNION SERVICE TO UNDERSERVED AREAS.
Section 109 of the Federal Credit Union Act (12 U.S.C. 1759) is
amended--
(1) in subsection (c)(2)--
(A) by striking ``the field of membership category
of which is described in subsection (b)(2),'';
(B) by amending subparagraph (A) to read as
follows:
``(A) the Board determines that the local
community, neighborhood, or rural district is an
underserved area; and''; and
(C) in subparagraph (B), by inserting ``not later
than 2 years after having such underserved area added
to the credit union's charter,'' before ``the credit
union''; and
(2) by adding at the end the following:
``(h) Change of Field of Membership to Include Underserved Areas.--
``(1) In general.--If an existing Federal credit union
applies to the Board to alter or expand the field of membership
of the credit union to serve an underserved area, the credit
union shall submit a business and marketing plan with such
application that explains the credit union's ability and intent
to serve the population of the underserved area through the
change in field of membership.
``(2) Report by credit union.--Not later than 2 years after
the date on which a Federal credit union's application
described under paragraph (1) is approved, the credit union, as
part of the ordinary course of the examination cycle and
supervision process, shall submit a report to the
Administration that includes--
``(A) an estimate of the number of members of the
credit union who are members by reason of the
application;
``(B) a description of the types of financial
services utilized by members of the credit union who
are members by reason of the application; and
``(C) an update of the credit union's
implementation of the business and marketing plan
described under paragraph (1).''.
SEC. 3. MEMBER BUSINESS LENDING IN UNDERSERVED AREAS.
Section 107A(c)(1)(B) of the Federal Credit Union Act (12 U.S.C.
1757a(c)(1)(B)) is amended--
(1) in clause (iv), by striking ``or'' at the end;
(2) in clause (v), by striking the period and inserting ``;
or''; and
(3) by adding at the end the following:
``(vi) that is made to a member or
associated borrower that lives in or operates
in an underserved area.''.
SEC. 4. UNDERSERVED AREA DEFINED.
Section 101 of the Federal Credit Union Act (12 U.S.C. 1752) is
amended--
(1) in paragraph (8), by striking ``; and'' and inserting a
period;
(2) in paragraph (9), by striking the period at the end and
inserting ``; and''; and
(3) by adding at the end the following:
``(10) The term `underserved area' means a geographic area
consisting of one or more population census tracts or one or
more counties, that encompass or are located within--
``(A) an investment area, as defined under section
103(16) of the Community Development Banking and
Financial Institutions Act of 1994;
``(B) groups of contiguous census tracts in which
at least 85 percent individually qualify as low-income
communities, as defined under section 45D(e) of the
Internal Revenue Code of 1986; or
``(C) an area that is more than ten miles, as
measured from each point along the area's perimeter,
from the nearest branch of a depository institution (as
defined under section 3 of the Federal Deposit
Insurance Act) or credit union.''.
SEC. 5. REPORTS BY THE NATIONAL CREDIT UNION ADMINISTRATION.
(a) Initial Report.--Not later than 3 years after the date of
enactment of this Act, but no sooner than 2 years after the date of
enactment of this Act, the National Credit Union Administration shall
issue a report to the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and Urban
Affairs of the Senate on the implementation of the amendments made by
this Act.
(b) Update.--The National Credit Union Administration shall issue
an updated report on the implementation of the amendments made by this
Act to the committees described under subsection (a) on the date that
is 5 years after the date on which the Administration issues the
initial report under subsection (a).
Union Calendar No. 265
117th CONGRESS
2d Session
H. R. 7003
[Report No. 117-351]
_______________________________________________________________________
A BILL
To amend the Federal Credit Union Act to permit credit unions to serve
certain underserved areas, and for other purposes.
_______________________________________________________________________
June 7, 2022
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed