Capital Briefs: Narrow Exemption Eyed for Credit Unions

Rep. Martin Frost said Friday that he plans to introduce legislation to allow occupation-based credit unions to serve low-income communities.

"Credit unions have indicated their willingness to go into areas which are currently unserved by banks. Those areas are primarily poor and minority," the Texas Democrat said in a prepared statement.

The legislation will provide "a very narrow exemption" to a recent federal court ruling barring occupation-based credit unions from serving employees from more than one company.

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