Waters introduces bill to allow CUs to expand fields of membership

House Financial Services Committee Chairwoman Rep. Maxine Waters, D-Calif. on Tuesday introduced legislation that would allow all federal credit unions to add underserved areas to their fields of membership.

H.R. 7003 would expand the definition of an underserved area to include any area that is more than ten miles from the nearest branch of a financial institution. In addition, the bill would exempt all business loans made by credit unions in underserved areas from the credit union business lending cap.

House Consumer Protection and Financial Institutions Subcommittee Chairman Rep. Ed Perlmutter, D-Colo., is a cosponsor of the bill.

Credit union trade groups said they were pleased the bill had been introduced in the House.

 

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