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News Now

Washington
CRA hearing coverage available via webcast
WASHINGTON (8/6/10)--Credit unions will be able to keep up with the latest developments in the Community Reinvestment Act (CRA) debate during a live webcast of a joint CRA hearing sponsored by the Federal Reserve, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. The webcast will cover a hearing to be held at the Federal Reserve Bank of Atlanta at 9 a.m. ET. The hearing is expected to go on until 4 p.m. ET. Representatives from the sponsoring regulatory agencies, local and state-wide political jurisdictions, and various community organizations will speak during the hearing. A representative will also speak on behalf of Self-Help CU, based in Durham, N.C. CRA was enacted in 1977 in response to a practice known as "redlining," which refers to the failure to lend to lower-income and minority neighborhoods by banks and thrift institutions during the 1960s and early 1970s. Fed Governor Elizabeth Duke earlier this year called for a comprehensive update of the CRA. Panelists at an earlier CRA hearing called for additional enforcement, and suggested that CRA rules also be applied to credit unions. The Credit Union National Association (CUNA) has repeatedly opposed any effort to include credit unions under CRA requirements, and CUNA has maintained credit unions already achieve the CRA’s goal of ensuring that financial institutions meet the financial needs of all levels of society. For access to the CRA hearing, use the resource link.
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