CRA hearing canceled; Frank says credit unions won't be involved
09/16/2010 03:28 pm
Hours after House Financial Services Committee Chair Barney Frank (D-MA) told members of a Hike the Hill group that credit unions would not be included in a new Community Reinvestment Act (CRA) hearing, the hearing was canceled altogether. CUNA reported that Chairman Frank said the Sept. 21 CRA hearing would have been on a new CRA bill that will NOT include credit unions.
“This is a fight you will not have to worry about in the future,” said Chairman Frank.
The CU Times reported that even if Congress takes up changes to the law, Chairman Frank said he wouldn't favor including credit unions. The LSCU holds that CRA should not apply to credit unions because they already meet and exceed the intent behind CRA. CRA would be a massive new regulatory requirement, and possible liability for credit unions, that absolutely should not be extended to us. This is excellent news for credit unions.