[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 57 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                 H. R. 57

  To amend the Federal Credit Union Act to clarify that residents of 
certain neighborhoods which are underserved by depository institutions 
  may become members of any Federal credit union which establishes a 
                      branch in such neighborhood.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 7, 1997

  Mr. Frost introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Credit Union Act to clarify that residents of 
certain neighborhoods which are underserved by depository institutions 
  may become members of any Federal credit union which establishes a 
                      branch in such neighborhood.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Improved Availability of Banking 
Services in Underserved Communities Act''.

SEC. 2. CLARIFICATION OF LAW RELATING TO ELIGIBILITY OF MEMBERSHIP IN 
              FEDERAL CREDIT UNIONS.

    Section 109 of the Federal Credit Union Act (12 U.S.C. 1759) is 
amended--
            (1) by striking ``Federal credit union membership'' and 
        inserting ``(a) In General.--Federal credit union membership''; 
        and
            (2) by adding at the end the following new subsection:
    ``(b) Banking Services for Underserved Neighborhoods.--
Notwithstanding any provision of subsection (a), any resident of any 
neighborhood or community which the Board determines--
            ``(1) is a community which meets the requirements of 
        paragraph (3) and subparagraphs (A) and (B) of paragraph (4) of 
        section 233(b) of the Bank Enterprise Act of 1991, and such 
        additional requirements as the Board may impose; and
            ``(2) is underserved by other depository institutions (as 
        defined in section 19(b)(1)(A) of the Federal Reserve Act),
may be elected to the membership of any Federal credit union which 
establishes and maintains a branch in such neighborhood or 
community.''.
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