WASHINGTON—Reps. Gwen Moore (D-WI) and Paul Cook (R-CA) have introduced a bill that would allow credit unions of all charter types to add underserved areas to their fields of membership.
"We appreciate Representatives Moore and Cook's efforts to remove barriers that limit consumers' access to the financial services that they need," said NAFCU President and CEO Dan Berger. "NAFCU is pleased to see this long-overdue move to allow credit unions to serve those consumers who need their services the most."
Currently, only credit unions with multiple-group charters are able to add underserved areas to their fields of membership. This bill, the “Financial Services for the Underserved Act,” would allow other types of credit unions to seek the NCUA board’s approval to add such areas, NAFCU explained.
In 2016, NCUA finalized a field-of-membership rule and currently has another field-of-membership proposed rule pending before the board – which NAFCU emphasized it supports.
“The association has long advocated for the changes included in both the finalized and proposed rule in order to help federal credit unions reach potential members who want and need affordable financial services,” the trade association stated.