,,ib ,union ,calendar ,no4 #bfe #aagth ,,congress #b;d ,session ,h4 ,r4 #gjjc ,report ,no4 #aag-cea ,,in ,,the ,,house ,,of ,,representatives ,march #h1 #bjbb,ms4 ,waters 7for herself and ,mr4 ,perlmutter7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,june #g1 #bjbb;,additional sponsor3 ,mr4 ,david ,scott of ,georgia ,june #g1 #bjbb,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,march #h1 #bjbb ,a ,,bill ,to amend the ,federal ,credit ,union ,act to permit credit unions to serve certain underserved areas1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,expanding ,financial ,access for ,underserved ,communities ,act4 #b4 ,credit union service to underserved areas ,section #aji of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #agei7 is amended-- 7#a7 in subsection 7c77#b7-- 7,a7 by striking the field of membership category of which is described in subsection 7b77#b712 7,b7 by amending subparagraph 7,a7 to read as follows3 7,a7 the ,board determines that the local community1 neighborhood1 or rural district is an underserved area2 and 2 and 7,c7 in subparagraph 7,b71 by inserting not later than #b years after having such underserved area added to the credit union's charter1 before the credit union2 and 7#b7 by adding at the end the following3 7h7 ,change of field of membership to include underserved areas 7#a7 ,in general ,if an existing ,federal credit union applies to the ,board to alter or expand the field of membership of the credit union to serve an underserved area1 the credit union shall submit a business and marketing plan with such application that explains the credit union's ability and intent to serve the population of the underserved area through the change in field of membership4 7#b7 ,report by credit union ,not later than #b years after the date on which a ,federal credit union's application described under paragraph 7#a7 is approved1 the credit union1 as part of the ordinary course of the examination cycle and supervision process1 shall submit a report to the ,administration that includes-- 7,a7 an estimate of the number of members of the credit union who are members by reason of the application2 7,b7 a description of the types of financial services utilized by members of the credit union who are members by reason of the application2 and 7,c7 an update of the credit union's implementation of the business and marketing plan described under paragraph 7#a74 4 #c4 ,member business lending in underserved areas ,section #ajg;,a7c77#a77;,b7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageg;a7c77#a77;,b77 is amended-- 7#a7 in clause 7iv71 by striking or at the end2 7#b7 in clause 7v71 by striking the period and inserting 2 or2 and 7#c7 by adding at the end the following3 7vi7 that is made to a member or associated borrower that lives in or operates in an underserved area4 4 #d4 ,underserved area defined ,section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb7 is amended-- 7#a7 in paragraph 7#h71 by striking 2 and and inserting a period2 7#b7 in paragraph 7#i71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7#aj7 ,the term underserved area means a geographic area consisting of one or more population census tracts or one or more counties1 that encompass or are located within-- 7,a7 an investment area1 as defined under section #ajc7af7 of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid2 7,b7 groups of contiguous census tracts in which at least #he percent individually qualify as low-income communities1 as defined under section #de;,d7e7 of the ,internal ,revenue ,code of #aihf2 or 7,c7 an area that is more than ten miles1 as measured from each point along the area's perimeter1 from the nearest branch of a depository institution 7as defined under section #c of the ,federal ,deposit ,insurance ,act7 or credit union4 4 #e4 ,reports by the ,national ,credit ,union ,administration 7a7 ,initial report ,not later than #c years after the date of enactment of this ,act1 but no sooner than #b years after the date of enactment of this ,act1 the ,national ,credit ,union ,administration shall issue a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate on the implementation of the amendments made by this ,act4 7b7 ,update ,the ,national ,credit ,union ,administration shall issue an updated report on the implementation of the amendments made by this ,act to the committees described under subsection 7a7 on the date that is #e years after the date on which the ,administration issues the initial report under subsection 7a74 ,june #g1 #bjbb,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed