Removing Barriers Blog

CUNA Comments on CRA
Posted November 20, 2018 by CUNA Advocacy

On November 19, 2018, CUNA filed a comment letter with the Office of the Comptroller of the Currency on Modernizing the Regulatory Framework of the Community Reinvestment Act (CRA).  In the letter, CUNA advocates against efforts to have the OCC recommend that CRA be expanded to apply to credit unions, noting that to do so would be wholly inappropriate given CRA’s inapplicability and the OCC’s lack of regulatory authority over credit unions. The letter also reiterates that CRA overlaps with credit union’s mission requirement to provide services to credit union members of modest means and includes data showing that credit unions have consistently satisfied that mission by serving underserved areas and low and moderate-income individuals even while banks have decreased services for those same groups.