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NAFCU President and CEO Dan Berger wrote in favor of the "Financial Services for the Underserved Act of 2016" (H.R. 5541) in a letter to the NCUA Board Thursday, noting the bill would give individuals living in underserved and low-income communities expanded access to federal credit unions.

In his letter to NCUA Board Chair Rick Metsger and Board Member J. Mark McWatters, Berger explained that those living in underserved communities have "very few financial services options, and many of those options come at a high cost."

"Allowing FCUs the opportunity to provide low- and no-cost financial services in underserved communities would enable much needed growth and financial security, especially for the 28 percent of this country's un- and under-banked households," Berger wrote.

H.R. 5541 was introduced this week by Reps. Tim Ryan, D-Ohio, and Donald Norcross, D-N.J., and includes Rep. Ann Kirkpatrick, D-Ariz., as an original cosponsor.

"This bill would allow FCUs of all charter types to add underserved areas to their fields of membership," Berger continued. "NAFCU applauds this long-overdue move to allow credit unions to reach out to consumers who need their services the most."

Berger also thanked the board members for their November 2015 field-of-membership proposal. "We believe that the proposal, along with NAFCU's recommended changes, would provide the requisite relief for credit unions trying to compete in the 21st century economy. Accordingly, we encourage the agency to finalize the proposed rule as soon as practically possible."