(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
CREDIT
UNION.—Not later 
than 2 years after the date on which a Federal cred-
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it 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— 
‘‘(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 business and marketing plan 
described under paragraph (1).’’. 
SEC. 3. AMENDMENTS RELATED TO 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: 
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‘‘(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’’ at the 
end; 
(2) in paragraph (9), by striking the period at 
the 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 encom-
pass 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; 
‘‘(B) groups of contiguous census tracts in 
which at least 85 percent individually qualify as 
low-income communities, as defined under sec-
tion 45D(e) of the Internal Revenue Code of 
1986; or 
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‘‘(C) an area that is more than ten miles, 
as measured from each point along the area’s 
perimeter, from the nearest branch of a deposi-
tory institution (as defined under section 3 of 
the Federal Deposit Insurance Act) or credit 
union.’’. 
SEC. 5. REPORT BY THE NATIONAL CREDIT UNION ADMIN-
ISTRATION. 
Not later than 3 years after the date of enactment 
of this Act, but no sooner than 2 years after the date of 
enactment of this Act, the National Credit Union Adminis-
tration shall issue a report to the Committee on Financial 
Services of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of the 
Senate on the implementation of the amendments made 
by this Act. 
Æ 
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