Alex Padilla: “I rise to speak in support of the Expanding Financial Access for Underserved Communities Act, which I introduced today.…”

“I rise to speak in support of the Expanding Financial Access for Underserved Communities Act, which I introduced today. Over the past decade, affordable banking services have become more difficult for many Americans to access due to the closure of physical bank branches. Addressing banking deserts is an important element to promoting equity across our entire economy. I believe that credit unions can play a significant role in improving access to affordable banking services in underserved communities throughout our Nation. That is why I am proud to introduce this legislation to allow all federally chartered credit unions to expand their field of membership to underserved areas. The bill would exempt business loans made to borrowers located in underserved areas from the credit union member business lending cap. I am proud to join Chairwoman Maxine Waters in this effort. I hope my colleagues will join me in support of this bill to promote economic opportunity in low-income communities and communities of color. ______”