CUNA President and CEO Dan Mica on Scheduling of Hearing on CRA

February 5, 2008

FOR IMMEDIATE RELEASE
Contact: Patrick Keefe -- (202) 508-6765 pkeefe@cuna.com

This hearing is being held to mark the 30^th anniversary of the passage of the Community Reinvestment Act, and based on our conversations with the Hill is not likely legislative in nature. Chairman Frank, as early as last summer, has made it clear he intends a review of CRA and that it would be unfair to exclude any financial institutions. However, he has also said that if every financial institution were similar to a credit union, CRA would be unnecessary. This Feb. 13 hearing will likely be the first in a series of hearings on the subject, and credit unions will likely be mentioned in any of them. To be clear, however: CUNA is opposed to including credit unions under provisions of CRA.

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