WASHINGTON — House Financial Services Committee Chairman Barney Frank (D-Mass.) had mixed news for credit unions today during his address at NAFCU's 2007 Congressional Caucus.
Frank said he was interested in holding hearings in early 2008 to explore expanding the Community Reinvestment Act, which would cover a variety of financial services entities including credit unions. While he acknowledged that the credit unions with more focused fields of membership are already doing what CRA requires, "Some of the very large credit unions are going to have to show how you're doing that." Frank said what he had envisioned would not create "any new burdens for most credit unions."
As for the political viability of CURIA, Frank said, "I do not think there is any significant chance CURIA as it is in its entirety can pass both houses," but dared his audience to prove him wrong. On the positive side, he confirmed that a hearing on the flagship credit union legislation is on the way.
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Frank noted that he thought the risk-based capital revisions could get through, among others. "My estimate is we can get signed into law a bill that does much of what CURIA does," he said.
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