Looking back eight years ago finds credit unions' community involvement questioned at a House subcommittee hearing.
CUNA and NAFCU argued the need for credit unions to have a CRA-exemption. Lobbyists in Washington questioned whether the no-room-for-negotiations strategy employed by both CUNA and NAFCU would work.
"I don't understand it," said one lobbyist, who requested anonymity. "If CUNA and NAFCU would come in here and do something like try to craft a CRA- type obligation for credit unions under current law, perhaps with a small credit union exemption, Congress would applaud loud and long. But," he sighed, "they're going to get themselves bloodied if they keep summarily dismissing the need for them to be legally required to reinvest in their communities. Many of these congressional members don't like bullies."
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