HONOLULU–In a talk show-style format session during NAFCU's Annual Conference, NCUA Vice Chairman Rodney Hood and Board Member Gigi Hyland reaffirmed their opposition to CRA for credit unions.
NAFCU Chairman John Milazzo, president/CEO of Campus Federal Credit Union who moderated the event, noted that House Financial Services Committee Chairman Barney Frank (D-Mass.) is a proponent of expanding CRA. Hyland responded, "I've said many times that I don't believe CRA is appropriate for credit unions." She pointed out that CRA began because banks were caught redlining.
Vice Chairman Hood commented, "To Ms Hyland's point, credit unions are doing the right things already…I will work with you on keeping CRA out of credit unions." Hood was formerly a CRA officer at a bank and so has specific knowledge of the burden.
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However, NCUA last year completed its Member Service Assessment Pilot, which is currently being reviewed by the NCUA Outreach Task Force chaired by Hyland, and is studying the issue of data collection into the future. No decisions have been reached at this point and two more town hall meetings to gather information are scheduled for Denver and Washington, D.C.
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