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Frank declares no CRA for CUs in new bill
WASHINGTON (9/17/10)--House Financial Services Committee Chairman Barney
Click to view larger image House Financial Services Chairman Barney Frank hit a number of credit union hot topics in his address at Credit Union House on Thursday. The Massachusetts Democrat talked about CRA, interchange and pending member business lending legislation. (CUNA Photo)
Frank (D-Mass.) assured credit unions Thursday that Community Reinvestment Act (CRA) requirements are not in their future. Frank, speaking at a state league Hike the Hill gathering at Credit Union House, said that while his panel was set to discuss a new CRA bill at a Sept. 21 hearing, that bill does not include credit unions. “This is a fight you will not have to worry about in the future,” Frank told the Massachusetts/New Hampshire/Rhode Island credit union leagues. The hearing has since been cancelled. The House committee chairman went on to pledge continued work to address credit union concerns regarding new interchange regulations. Frank reminded the group that he opposed the interchange language and that he worked to make changes that should benefit credit unions, such as the addition of language to prohibit discrimination against credit unions and other smaller card issuers that are not covered by the interchange provisions. He said that he would continue to work to ensure that all costs were taken into consideration when setting interchange fees, not just the physical costs of swiping the card. Frank also addressed the subject of pending legislation to increase the credit union member business lending (MBL) cap. He repeated his commitment that if an MBL bill gets through the Senate, he will work to get it considered in the House. The National Credit Union Administration (NCUA) Thursday delivered a letter to Senate Majority Leader Harry Reid (D-Nev.) thanking him for efforts to get an MBL cap increase to the Senate floor this year. NCUA Chairman Debbie Matz, in the letter, reiterated her support for the higher MBL authority and reminded Reid that credit union member business lending “has been an important source of credit for American entrepreneurs for over 70 years.”


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