Number: RS22146
Title: Expanded Access to Financial Services Act
Authors: Pauline Smale, Government and Finance Division 
Abstract: The Financial Services Regulatory Relief Act of 2006 (P.L. 109-351) includes provisions that permit federally chartered credit unions to offer nonmember individuals access to a defined set of financial services and products. These provisions were originally passed by the House in a separate bill, H.R. 749 (the Expanded Access to Financial Services Act), on April 27, 2005. The intent of this legislation is to attract unbanked individuals (consumers that do not have an account with a depository financial institution) into the financial mainstream and to better serve low-income communities. To be eligible, the consumer must meet the criteria for membership in the credit union. The credit union could offer money orders, check cashing, and money transfer services. There was little public opposition to the legislation. This report provides background on the arguments offered in support of improved access, credit unions, and the legislation.
Pages: 3
Date: December 22, 2006