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Credit unions stand firm No CRA requirements
WASHINGTON (3/18/08)—Credit unions meet the financial needs of the broad spectrum of people that fall within their fields of membership, and they play an active role in community development and growth. Therefore, it is unnecessary to impose another layer of regulatory burden through Community Reinvestment Act (CRA) requirements, asserted President/CEO Dan Mica of the Credit Union National Association (CUNA). House Financial Services Committee Chairman Barney Frank (D-Mass.) broached the topic of CRA last week in an article in CongressDaily. Frank, who conducted a 30-year anniversary hearing on CRA Feb. 13, acknowledged that interest among lawmakers for taking on any type of expansion of CRA this year has dwindled.. Yet, he said the committee will look again next year at the “CRA-credit union issue.” CUNA’s Mica said, “Chairman Frank has himself said that if every financial institution were similar to a credit union, CRA would be unnecessary. With that in mind, we continue to believe that CRA is unnecessary for credit unions, and CUNA remains opposed to including credit unions under provisions of CRA.” Mica added, “By their nature and mission of ‘people helping people,’ credit unions already meet the financial needs of a broad spectrum of people that fall within their fields of membership, and play an active role in community development and growth. Therefore, credit unions should not be subject to burdensome regulatory requirements when they are already meeting and exceeding the intent behind CRA.”


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