Credit Union Membership Access Act Brings Affordable Credit to More People

The Credit Union Membership Access Act is a game-changer for people who need access to affordable credit. It makes it easier for low-income individuals and communities to join credit unions.

This law requires that credit unions serve the underserved, including low-income people, the elderly, and people with disabilities. By doing so, it helps to promote financial inclusion.

As a result, more people can access affordable financial services, including loans, savings accounts, and other financial products. This can help them build credit, manage debt, and achieve financial stability.

The Credit Union Membership Access Act has several key provisions that make it easier for people to join credit unions. One of the main provisions is that anyone can join a credit union if they live, work, worship, or attend school in a particular area.

A credit union can also serve the employees of a specific employer or the members of a particular association. This provision allows credit unions to serve a wide range of people and organizations.

To be eligible to join a credit union, an individual must meet certain requirements, such as living or working in a specific geographic area. This provision is designed to make credit union membership more accessible to everyone.

The act also allows credit unions to serve the employees of a specific employer or the members of a particular association. This provision has helped many credit unions to expand their membership and services.

The Credit Union Membership Access Act has a strong legislative basis.

The Administration strongly supports Senate passage of H.R. 1151, as approved by the Senate Banking Committee.

This support is based on a careful balancing of important goals, including protecting existing credit union members and membership groups, removing uncertainty created by the Supreme Court's AT&T decision, and facilitating credit union expansion.

The Senate Banking Committee version of the bill reflects a thoughtful approach to credit union reform.

It includes provisions that reform credit union safety and soundness safeguards, institute capital standards and a risk-based capital requirement, and further strengthen the Share Insurance Fund.

The Administration sees no safety and soundness basis for an amendment that would limit the ability of credit unions to make business loans to their members.