IB 
Union Calendar No. 265 
117TH CONGRESS 
2D SESSION 
H. R. 7003 
[Report No. 117–351] 
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 
MARCH 8, 2022 
Ms. WATERS (for herself and Mr. PERLMUTTER) introduced the following bill; 
which was referred to the Committee on Financial Services 
JUNE 7, 2022 
Additional sponsor: Mr. DAVID SCOTT of Georgia 
JUNE 7, 2022 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on March 8, 2022] 
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A BILL 
To amend the Federal Credit Union Act to permit credit 
unions to serve certain underserved areas, and for other 
purposes. 
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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)— 
(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 underserved 
area added to the credit union’s charter,’’ before 
‘‘the credit union’’; and 
(2) by adding at the end the following: 
‘‘(h) CHANGE OF FIELD OF MEMBERSHIP TO INCLUDE 
UNDERSERVED AREAS.— 
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‘‘(1) 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 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 CREDIT UNION.—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 proc-
ess, shall submit a report to the Administration that 
includes— 
‘‘(A) an estimate of the number of members 
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 business and marketing plan 
described under paragraph (1).’’. 
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SEC. 3. MEMBER BUSINESS LENDING IN UNDERSERVED 
AREAS. 
Section 107A(c)(1)(B) of the Federal Credit Union Act 
(12 U.S.C. 1757a(c)(1)(B)) is amended— 
(1) in clause (iv), by striking ‘‘or’’ at the end; 
(2) in clause (v), by striking the period and in-
serting ‘‘; or’’; and 
(3) by adding at the end the following: 
‘‘(vi) that is made to a member or as-
sociated borrower that lives in or operates 
in an underserved area.’’. 
SEC. 4. UNDERSERVED AREA DEFINED. 
Section 101 of the Federal Credit Union Act (12 
U.S.C. 1752) is amended— 
(1) in paragraph (8), by striking ‘‘; and’’ and 
inserting a period; 
(2) in paragraph (9), by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(10) The term ‘underserved area’ means a geo-
graphic area consisting of one or more population 
census tracts or one or more counties, that encompass 
or are located within— 
‘‘(A) an investment area, as defined under 
section 103(16) of the Community Development 
Banking and Financial Institutions Act of 1994; 
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