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News Now

Washington
House revising CRA hearing set for Sept. 21
WASHINGTON (9/16/10)—The House Financial Services Committee on Wednesday announced that a hearing on potential revisions to the Community Reinvestment Act (CRA) will be held on Sept. 21. A witness list had not been released at press time. Federal Reserve Governor Elizabeth Duke earlier this year called for a comprehensive CRA update, and panelists at a Fed-sponsored discussion also recommended that CRA be broadened and applied to credit unions. The panelists also called for enhanced enforcement of CRA rules. 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. The purpose of the law is to ensure that for-profit financial institutions adequately meet the financial service needs of all parts of the communities from which they draw deposits. The Credit Union National Association (CUNA) opposes any effort to include credit unions under CRA requirements, and has argued that credit unions already meet and exceed the intent behind CRA due to their localized scope and membership requirements.


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