[Congressional Record Volume 168, Number 150 (Monday, September 19, 2022)]
[Senate]
[Page S4823]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. PADILLA:
  S. 4879. A bill to amend the Federal Credit Union Act to permit 
credit unions to serve certain underserved areas, and for other 
purposes; to the Committee on Banking, Housing, and Urban Affairs.
  Mr. PADILLA. Mr. President, I rise to speak in support of the 
Expanding Financial Access for Underserved Communities Act, which I 
introduced today.
  Over the past decade, affordable banking services have become more 
difficult for many Americans to access due to the closure of physical 
bank branches. Addressing banking deserts is an important element to 
promoting equity across our entire economy.
  I believe that credit unions can play a significant role in improving 
access to affordable banking services in underserved communities 
throughout our Nation.
  That is why I am proud to introduce this legislation to allow all 
federally chartered credit unions to expand their field of membership 
to underserved areas. The bill would exempt business loans made to 
borrowers located in underserved areas from the credit union member 
business lending cap.
  I am proud to join Chairwoman Maxine Waters in this effort. I hope my 
colleagues will join me in support of this bill to promote economic 
opportunity in low-income communities and communities of color.
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