Tuesday, July 5, 2016

Underserved Area Bill Adds Reporting Requirement

H.R. 5541 (Financial Services for the Underserved Act of 2016) adds a new reporting requirement for a federal credit union that adds an underserved area.

Currently, only federal credit unions with a multiple common bond charter are permitted to add underserved areas to their fields of membership. However, these multiple common bond credit unions are not required to report information regarding how they are serving those underserved areas.

H.R. 5541 will permit all federal credit unions to add underserved areas to their fields of membership; but requires them to report information on the underserved areas added.

Specifically, a federal credit union that receives an underserved area approval from the National Credit Union Administration (NCUA) will be required to report annually on the number of members who are members due to the underserved area application and the number of offices or facilities maintained by the credit union in the underserved area.

The bill would also require NCUA to publish this information annually.

Read the bill.

No comments:

Post a Comment


The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.