Sec. 2. Credit union service to underserved areas
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Section 109 of the Federal Credit Union Act ( 12 U.S.C. 1759 ) is amended— in subsection (c)(2)— by striking the field of membership category of which is described in subsection (b)(2), ; by amending subparagraph
(A)to read as follows: the Board determines that the local community, neighborhood, or rural district is an underserved area; and ; and in subparagraph (B), by inserting not later than 2 years after having such underserved area added to the credit union’s charter, before the credit union ; and by adding at the end the following: 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 area, 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 membership. Not later than 2 years after the date on which a Federal credit union’s application described under paragraph
(1)is approved, the credit union, as part of the ordinary course of the examination cycle and supervision process, shall submit a report to the Administration that includes— an estimate of the number of members of the credit union who are members by reason of the application; a description of the types of financial services utilized by members of the credit union who are members by reason of the application; and an update of the credit union’s implementation of the business and marketing plan described under paragraph (1). .
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Sec. 2
Credit union service to underserved areas
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