[Congressional Record Volume 168, Number 105 (Tuesday, June 21, 2022)]
[Extensions of Remarks]
[Pages E646-E647]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             FEDERAL RESERVE RACIAL AND ECONOMIC EQUITY ACT

                                 ______
                                 

                               speech of

                           HON. PETE AGUILAR

                             of california

                    in the house of representatives

                        Wednesday, June 15, 2022

  Mr. AGUILAR. Mr. Speaker, I rise in support of H.R. 2543 and thank 
Chairwoman Waters for assembling this legislation.
  I would like to highlight a critical provision of the bill, the 
Expanding Financial Access for Underserved Communities Act. As a former 
employee of a credit union, I understand that joining a credit union 
can provide Americans with invaluable financial opportunities.
  However, unlike other depository institutions and financial services 
providers, not everyone in America can join a credit union. The 
Chairwoman's bill, and this package, help to mitigate that issue by 
allowing federally chartered credit unions the opportunity to apply to 
provide services for low-income, underserved and rural communities, 
where financial services are unfortunately limited to a payday lender 
or pawnshop. Nothing in this bill precludes any other financial 
services provider from serving these communities, and credit unions 
should not be restricted either.
  I have seen firsthand the affordable and dependable services credit 
unions provide, and how they exist to change the lives of their 
members. Let us continue to work together to bring more common-sense 
solutions to America's unbanked.

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