,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #dffe  ,,in ,,the ,,house ,,of  
,,representatives  ,december #ae1       
#bjag,ms4 ,moore 7for herself and ,mr4  
,cook7 introduced the following bill2   
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
amend the ,federal ,credit ,union ,act  
to establish procedures for ,federal    
credit unions to provide credit union   
services to underserved areas1 and for  
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,financial     
,services for the ,underserved ,act of  
#bjag4  #b4 ,amendments ,relating to    
,credit ,union ,service to ,underserved 
,areas  7a7 ,in general ,paragraph 7#b7 
of section #aji7;c7 of the ,federal     
,credit ,union ,act 7#ab ,u4,s4,c4      
#agei7;c77#b77 is amended to read as    
follows3  7#b7 ,exception for           
underserved areas  7,a7 ,in general     
,notwithstanding subsection 7b71 the    
,board may approve an application by a  
,federal credit union to allow the      

membership of such credit union to      
include any person or organization whose
 principal residence or place of        
business is located within a local      
community1 neighborhood1 or rural       
district if--  7i7 the ,board           
determines-- 7,i7 at any time after     
,august #g1 #aiih1 that the local       
community1 neighborhood1 or rural       
district taken into account for purposes
 of this paragraph is an underserved    
area 7as defined in section #aja7aj772  
and  7,,ii7 at the time of such         
approval1 that the credit union is well 
capitalized or adequately capitalized   
7as defined in section #baf7;c77#a772   
and  7ii7 before the end of the         
#bd-month period beginning on the date  
of such approval1 the credit union has  
established and maintains an ongoing    
method to provide services in the local 
community1 neighborhood1 or rural       
district4  7,b7 ,termination of approval
 ,any failure of a ,federal credit union
 to meet the requirement of clause 7ii7 

of subparagraph 7,a7 by the end of the  
#bd-month period referred to in such    
clause shall constitute a termination1  
as a matter of law1 of any approval of  
an application under this paragraph by  
the ,board with respect to the          
membership of such credit union4  7,c7  
,annual credit union reporting          
requirement ,any ,federal credit union  
which has an application approved under 
this paragraph shall submit an annual   
report to the ,administration on the    
number of members of the credit union   
who are members by reason of such       
application and the number of offices or
 facilities maintained by the credit    
union in the local community1           
neighborhood1 or rural district taken   
into account by the ,board in approving 
such application4  7,d7 ,publication by 
administration ,the ,administration     
shall publish annually a report         
containing-- 7i7 a list of all the      
applications approved under this        
paragraph prior to the publication of   

the report2  7ii7 the number and        
locations of the underserved areas taken
 into account in approving such         
applications2 and  7iii7 the total      
number of members of credit unions who  
are members by reason of the approval of
 such applications4  4  7b7 ,underserved
 area defined ,section #aja of the      
,federal ,credit ,union ,act 7#ab       
,u4,s4,c4 #ageb7 is amended-- 7#a7 by   
striking and at the end of paragraph    
7#h72  7#b7 by striking the period at   
the end of paragraph 7#i7 and inserting 
2 and2 and  7#c7 by adding at the end   
the following new paragraph3  7#aj7 the 
term underserved area-- 7,a7 means a    
geographic area consisting of a single  
census tract or a group of census       
tracts1 each of which meets the criteria
 for--  7i7 a low-income community1 as  
defined in section #de;,d7e7 of the     
,internal ,revenue ,code of #aihf2 or   
7ii7 is underserved1 based on data of   
the ,board and the ,federal banking     
agencies 7as defined in section #c of   

the ,federal ,deposit ,insurance ,act71 
by other depository institutions 7as    
defined in section #ai7;b77#a77;,a7 of  
the ,federal ,reserve ,act72 and  7,b7  
notwithstanding subparagraph 7,a71      
includes1 with respect to any ,federal  
credit union1 any geographic area within
 which such credit union--  7i7 has     
received approval to provide service    
before the date of the enactment of this
 paragraph from the ,national ,credit   
,union ,administration2 and  7ii7 has   
established a service facility before   
such date of enactment4  4  7c7         
,conforming amendment ,section          
#aji7;e77#b7 of the ,federal ,credit    
,union ,act 7#ab ,u4,s4,c4              
#agei7;e77#b77 is amended by inserting  
subsection 7c77#b7 and after provided   
in4