Lawmakers Do Not See CRA in CU Future
WASHINGTON -- Despite new pushes by the bankers for the Community Reinvestment Act to cover credit unions given the Democratic control of Congress, legislators said they do not foresee credit unions coming under CRA.
House Minority Whip Roy Blunt (R-Mo.) said there is no need for credit unions to fall under CRA and they need to get that point across to Congress. "You have to make the case for why that doesn't have to happen because credit unions are serving their communities already," he advocated.
Strong credit union ally, Democratic Congressman Paul Kanjorski (Pa.) told reporters, "I don't see where credit unions would come under that." He emphasized that credit unions are already serving their members. "You couldn't be a successful credit union if you didn't."