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News Now

Washington
CRA hearing set for next Wednesday
WASHINGTON (9/10/09)—The House Financial Services Committee set next Wednesday as the date for its exploration of Community Reinvestment Act (CRA) issues. The committee Wednesday announced its hearing, titled “Proposals to Enhance the Community Reinvestment Act,” will start at 10. a.m. (ET) Sept. 16. Congress enacted the CRA in 1977 in response to banks’ and thrifts’ “redlining,” or denying credit to lower-income and minority neighborhoods during the 1960s and early 1970s. The purpose was to ensure that federal and state-chartered commercial and savings banks were adequately meeting the financial service needs of all parts of the communities from which they draw deposits. There have been past efforts to include credit unions under CRA, such asduring the passage of the Credit Union Membership Access Act (H.R. 1151). The Credit Union National Association (CUNA) is opposed to any effort to include credit unions under CRA requirements. “Credit unions, by their nature and mission of 'people helping people, 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,” John Magill, CUNA senior vice president of legislative affairs, said Wednesday. “Therefore, credit unions should not be subject to burdensome regulatory requirements when they are already meeting and exceeding the intent behind CRA,” he added.


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