ICBA continues calling on community bankers to urge their lawmakers to oppose legislation that would expand credit unions’ fields of membership and commercial lending powers.
Customizable Message: Community bankers can use ICBA’s Be Heard grassroots action center to express opposition to the Expanding Financial Access for Underserved Communities Act (H.R. 7003), which would expand credit union powers to serve low-income and underserved areas without requiring proper documentation or oversight.
ICBA Opposition: As ICBA recently told the House Financial Services Committee, H.R. 7003 focuses on low-income areas rather than low-income families and individuals, with geography a poor proxy for household income. ICBA is calling on lawmakers to reject the bill if it goes to the House floor as yet another loophole for taxpayer-subsidized credit unions.