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FOM expansion.

Credit unions are limited by federal law in their efforts to serve the underserved, Mara Falero, vice president of JetStream Federal Credit Union told a House Subcommittee Tuesday.

“Many credit unions want to help those in underserved areas but the ability to add underserved areas to their field of membership is restricted,” said Falero, whose credit union is headquartered in Miami Lakes, Fla., and has $212.9 million in assets. “Currently, only multiple-common-bond credit unions have the authority to add underserved areas.”

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David Baumann


Credit Union Times

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