I 
118TH CONGRESS 
2D SESSION H. R. 10511 
To amend the Federal Credit Union Act to permit credit unions to serve 
certain underserved areas, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 18, 2024 
Ms. WATERS introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To amend the Federal Credit Union Act to permit credit 
unions to serve certain underserved areas, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Expanding Financial 
Access for Underserved Communities Act’’. 
SEC. 2. CREDIT UNION SERVICE TO UNDERSERVED AREAS. 
Section 109 of the Federal Credit Union Act (12 
U.S.C. 1759) is amended— 
(1) in subsection (c)(2)— 
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(A) by striking ‘‘the field of membership 
category of which is described in subsection 
(b)(2),’’; 
(B) by amending subparagraph (A) to read 
as follows: 
‘‘(A) the Board determines that the local 
community, neighborhood, or rural district is an 
underserved area; and’’; and 
(C) in subparagraph (B), by inserting ‘‘not 
later than 2 years after having such under-
served area added to the credit union’s char-
ter,’’ before ‘‘the credit union’’; and 
(2) by adding at the end the following: 
‘‘(h) CHANGE OF FIELD OF MEMBERSHIP TO IN-
CLUDE UNDERSERVED AREAS.— 
‘‘(1) IN GENERAL.—If an existing Federal cred-
it 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. 
‘‘(2) REPORT BY SMALLER CREDIT UNIONS.— 
Not later than 2 years after the date on which a 
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Federal credit union with $10,000,000,000 or less in 
assets has an application described under paragraph 
(1) approved, the credit union, as part of the ordi-
nary course of the examination cycle and supervision 
process, shall submit a report to the Administration 
that includes— 
‘‘(A) an estimate of the number of mem-
bers of the credit union who are members by 
reason of the application; 
‘‘(B) a description of the types of financial 
services utilized by members of the credit union 
who are members by reason of the application; 
and 
‘‘(C) an update of the credit union’s imple-
mentation of the plan described under para-
graph (1). 
‘‘(3) ADDITIONAL REQUIREMENTS FOR LARGE 
CREDIT UNIONS.—With respect to a Federal credit 
union with more than $10,000,000,000 in assets: 
‘‘(A) CONSUMER ADVISORY PANEL.—If an 
application described under paragraph (1) is 
approved, the Federal credit union shall— 
‘‘(i) establish a consumer advisory 
panel that is representative of the popu-
lation of the underserved area; and 
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‘‘(ii) consult with the consumer advi-
sory panel at least once every 6 months on 
how the credit union can best serve the 
convenience and needs of the population of 
the underserved area. 
‘‘(B) PLAN CONTENTS.—A plan required 
to be submitted under paragraph (1) shall also 
include— 
‘‘(i) a compliance plan that explains 
how the credit union’s ability and intent to 
serve the population of the underserved 
area through the change in field of mem-
bership will be done in compliance with all 
applicable laws and regulations, including 
the credit union’s ability to comply with all 
applicable 
anti-discrimination 
and 
fair 
lending requirements; and 
‘‘(ii) a plan to establish a consumer 
advisory panel described under subpara-
graph (A). 
‘‘(C) APPROVAL
REQUIREMENTS.—Before 
approving an application described under para-
graph (1), the Board shall— 
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‘‘(i) consult with the Director of the 
Bureau of Consumer Financial Protection; 
and 
‘‘(ii) take into account the Federal 
credit union’s compliance with consumer fi-
nancial protection laws. 
‘‘(D) ONGOING
REPORTING.—Not later 
than 2 years after the date on which the Fed-
eral credit union has an application described 
under paragraph (1) approved, and every 2 
years thereafter, the Federal credit union shall, 
as part of the ordinary course of the examina-
tion cycle and supervision process, submit a re-
port to the Administration that includes— 
‘‘(i) an estimate of the number of 
members of the credit union who are mem-
bers by reason of the application; 
‘‘(ii) a description of the types of fi-
nancial services utilized by members of the 
credit union who are members by reason of 
the application; 
‘‘(iii) an update of the credit union’s 
implementation of the plan described under 
paragraph (1), including the contents de-
scribed under subparagraph (B)(i); and 
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