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Expanding Financial Access for Underserved Communities Act

This act aims to make it easier for credit unions to provide financial services in areas where access to banks is limited. This could mean more banking and credit options for people living in these locations.
Key points
Credit unions will be able to more easily open branches and offer services in areas designated as underserved.
The definition of an underserved area includes low-income areas or those far from the nearest banks and credit unions.
Credit unions expanding into these areas must submit a plan and report on the services provided.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_4879
Sponsor: Sen. Padilla, Alex [D-CA]
Process start date: 2022-09-19
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Expanding Financial Access for Underserved Communities Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4879.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-09-19.

What are the main provisions?

Key points include:

  • Credit unions will be able to more easily open branches and offer services in areas designated as underserved.
  • The definition of an underserved area includes low-income areas or those far from the nearest banks and credit unions.
  • Credit unions expanding into these areas must submit a plan and report on the services provided.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Padilla, Alex [D-CA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy