Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
Improving economy will boost #creditunion earnings: @CUNA forecast http://t.co/dE2ozfzA6p
44 minutes ago
#NewsNow CU Effect: CU credit counseling helps members 'pull themselves out' of debt http://t.co/2fP4tOl25z
1 hour ago
#Maine #creditunion membership growth continues record pace http://t.co/yFRur4TQ0x
17 hours ago
.@TheNCUA closes N.Dade Community Development FCU,Miami Gardens, Fla. determining CU violated some charter provisions,bylaws & fed. rules.
18 hours ago
Why a #creditunion can be a good fit for #smallbiz http://t.co/l7Df9b8vQZ @fundbox
21 hours ago