FOM modernization, ILC loophole legislation scheduled for markup

by CUNA News

The House and Senate are both in Washington, D.C., this week. The House Financial Services Committee will mark up several CUNA-supported bills Tuesday, including the CUNA-League-supported Expanding Financial Access for Underserved Communities Act (H.R. 7003).

H.R. 7003 would:

  • Allow all federal credit unions to add underserved areas to their field of membership.
  • Exempt business loans made by credit unions in underserved areas from the credit union member business lending cap.

 

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