arrow_back Back to App

Expanding Financial Access for Underserved Communities Act

This act makes it easier for credit unions to expand their services into areas where banking options are limited. This means residents in these places may gain easier access to bank accounts, loans, and other financial services, potentially helping them manage daily finances and support local businesses.
Key points
Credit unions can now more easily open branches in areas lacking traditional banking access.
Smaller credit unions must report on how they serve new members from these areas.
Larger credit unions must establish a consumer advisory panel with residents to better understand their needs.
The definition of 'underserved area' includes low-income communities or areas far from existing financial institutions.
Credit unions can make more business loans in these underserved areas.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_10511
Sponsor: Rep. Waters, Maxine [D-CA-43]
Process start date: 2024-12-18
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

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 118_HR_10511.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-12-18.

What are the main provisions?

Key points include:

  • Credit unions can now more easily open branches in areas lacking traditional banking access.
  • Smaller credit unions must report on how they serve new members from these areas.
  • Larger credit unions must establish a consumer advisory panel with residents to better understand their needs.
  • The definition of 'underserved area' includes low-income communities or areas far from existing financial institutions.
  • Credit unions can make more business loans in these underserved areas.
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 Rep. Waters, Maxine [D-CA-43].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy