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House Financial Services Committee sign Source: Shutterstock.

On Wednesday, members of the House Financial Services Subcommittee met to discuss the merits of the proposed Expanding Financial Access for Underserved Communities Act to find possible solutions to the unbanked problem in the United States.

According to letters sent to the committee by NAFCU and CUNA, the legislation under consideration is supported by both organizations. In it, the legislation would give federal credit unions the ability to expand their field of membership (FOM) by adding underserved areas. Current regulation only allows multiple common bond credit unions to take this action.

Michael Ogden

Editor-in-Chief for CU Times.

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