Removing Barriers Blog

Setting the Record Straight on Elizabeth Warren’s New Bill
Posted March 18, 2019 by CUNA Advocacy

Recently, a lot of questions have been raised in the press about whether Senator Elizabeth Warren’s new American Housing Economic Mobility Act of 2019 would increase credit unions’ regulatory burdens—despite removing them from an obligation to comply with the Community Reinvestment Act. Another trade association has specifically claimed that the bill adds new reporting, comment, and hearing requirements that do not presently exist and that they, presumably, oppose.

In response to those questions and claims, CUNA is committed to doing what we have always done:  Providing fact-based, accurate, and thoroughly researched insights and analysis that our members can confidently depend upon when reaching their own conclusions.

Accordingly, please see this link to CUNA's comparison chart for Senator Warren’s bill. With it, you’ll be able to compare the bill’s language to the existing regulatory requirements for credit unions and the Financial Services for the Underserved Act of 2017—legislation that the National Association of Federally-Insured Credit Unions, NAFCU, successfully sought to have introduced in the 115th Congress. We believe that once you have an opportunity to view the facts for yourself, you will see why CUNA believes that Senator Warren’s bill is a victory for credit unions---one that eliminates the threat of CRA, codifies existing regulatory requirements, and even lessens the regulatory burdens attached with the expansion of credit unions’ abilities to reach underserved communities.