CRA Hearing Canceled; Frank Says He Opposes CRA Expansion to Include CUs
Credit unions received a double dose of good news on the Community Reinvestment Act front today.
The House Financial Services Committee canceled a hearing scheduled for next Tuesday on proposals to expand the reach of the Community Reinvestment Act. Some of the proposed bills would force credit unions to comply with the 1977 law. The committee didn't give an explanation for the cancellation or indicate whether the hearing will be rescheduled.
But even if Congress takes up changes to the law, House Financial Services Committee Chairman Barney Frank said he wouldn't favor including credit unions.
Frank (D-Mass.) today told credit union executives from Massachusetts doing a Hike the Hill that complying with the CRA isn't something they will likely have to worry about in the future.
Several attendees at the meeting with Frank conveyed his comments. A spokeswoman for the committee said the comments "were an adequate reflection" of his views.