3.0.0 5541 2023-01-11T13:32:44Z 2023-01-11T13:32:44Z House HR 2016-06-21 114 [Congressional Record Volume 162, Number 99 (Tuesday, June 21, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. RYAN of Ohio:H.R. 5541.Congress has the power to enact this legislation pursuantto the following:``The Congress enacts this bill pursuant to Clause 18 ofSection 8 of Article I of the United States Constitution.''[Page H4053]]]> hsba00 Financial Services Committee House Standing Referred to 2016-06-21T16:00:20Z 2016-06-21 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2016-06-21 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-06-21 Introduced in House IntroReferral 1000 9 Library of Congress R000577 Rep. Ryan, Tim [D-OH-13] TIM RYAN D OH 13 N N000188 Rep. Norcross, Donald [D-NJ-1] Donald Norcross D NJ 1 2016-06-21 True Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Community life and organization Government information and archives Rural conditions and development Finance and Financial Sector 00 2016-06-21 Introduced in House 2016-09-30T20:48:34Z Financial Services for the Underserved Act of 2016

This bill amends the Federal Credit Union Act to revise the requirements for allowing a federal credit union to extend its field of membership in an underserved area.

The credit union must be well capitalized or adequately capitalized, and within 24 months after approval by the National Credit Union Administration (NCUA) it must have established and maintained an ongoing method to provide services in the local community, neighborhood, or rural district. (The current requirement is that the credit union must, without a deadline, establish and maintain an office or facility in the local community, neighborhood, or rural district at which credit union services are available.)

Any failure of a federal credit union to meet the latter requirement by the end of the 24-month period shall constitute a termination, as a matter of law, of NCUA approval of its application regarding the credit union's membership.

Any federal credit union with an approved application for an underserved area must report annually to the NCUA on the number of:

  • credit union members who are members by reason of that application; and
  • offices or facilities maintained by the credit union in the local community, neighborhood, or rural district taken into account by the NCUA in approving the application.

The bill defines "underserved area" generally as a geographic area consisting of a single census tract or a group of census tracts, each of which meets the criteria for a low-income community or is underserved by other depository institutions, based on data of the NCUA and the federal banking agencies.

]]> Financial Services for the Underserved Act of 2016 Display Title Financial Services for the Underserved Act of 2016 Official Title as Introduced To amend the Federal Credit Union Act to establish procedures for Federal credit unions to provide credit union services to underserved areas, and for other purposes. Introduced in House IH Short Titles as Introduced Financial Services for the Underserved Act of 2016 Introduced in House 2016-06-21T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr5541ih/xml/BILLS-114hr5541ih.xml 2016-06-21 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.