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News Now

Washington
CUNA NCRC report needs close look
WASHINGTON (9/09/09)—The Credit Union National Association (CUNA) said Tuesday that a National Community Reinvestment Coalition (NCRC) report unfavorably comparing credit union fair lending practices to that of banks needs a closer look because past analysis of Home Mortgage Disclosure Act data has shown NCRC to be off base. “In fact,” said CUNA Vice President of Economics and Statistics Mike Schenk, “both lower-income and minority applicants are more likely to have their loans approved at credit unions than at banks.” He said CUNA will closely review the newest NCRC report, released late yesterday. The NCRC said it analyzed several credit unions and compared them to bank service to working and minority communities. The report contends credit unions lag behind banks on 64% of the fair lending indicators that were examined.


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