Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA opposes new bill with CRA for CUs
WASHINGTON (3/11/09)-- Rep. Eddie Bernice Johnson is poised to introduce legislation that would, in part, apply Community Reinvestment Act (CRA) requirements on credit unions. The Credit Union National Association (CUNA) strongly opposes legislation extending CRA requirements to credit unions Johnson is scheduled to unveil her bill, called the Community Reinvestment Act Modernization Act of 2009, at a press conference tomorrow. The Texas Democrat has said her bill is intended to promote responsible lending and increased financial access to traditionally underserved communities. CUNA Senior Vice President of Legislative Affairs John Magill said Tuesday such legislation is “a solution in search of a problem.” “CRA was enacted because banks were redlining—drawing circles around communities to which they would not lend,” Magill said. “All available data suggests that credit unions, on the other hand, are out there lending to their members—even and especially in these tough times.” “Credit unions are -- and should be -- focused on meeting the needs of their members. This legislation would be a distraction from the good work credit unions do day in and day out,” Magill warned. “Credit unions should be applauded for the work they are doing—not burdened with unnecessary reporting requirements,” he added.
Other Resources

RSS print
News Now LiveWire
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
2 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
2 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
3 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
4 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
6 hours ago