As Congress ponders ways to improve the CRA's impact on redlining and discrimination CUNA urged it to consider ways to strengthen partnerships between banks and credit unions, which help banks meet their obligations.
CUNA responded to several recent inaccurate reports about its support of Sen. Elizabeth Warren’s (D-Mass.) new housing bill, which saw months of CUNA, league and credit union engagement and resulted in credit unions not subject to the CRA in the bill.
CUNA wrote in opposition to a provision in a House bill that would place credit unions under the Community Reinvestment Act. H.R. 7262 has a Senate companion bill containing the same provision, which CUNA opposed in October.
While the goal of S. 3503 is laudable, its provision to extend the CRA to credit unions runs counter to the goal of increasing access to credit. CUNA President/CEO Jim Nussle wrote to all 100 Senators Wednesday.
Sen. Elizabeth Warren’s (D-Mass.) proposal to place credit unions under the Community Reinvestment Act would be a step backward in access to affordable mortgage credit, CUNA Chief Advocacy Officer Ryan Donovan wrote in The Hill Wednesday.