ARLINGTON, Va. — Well-aware he might be the "nuclear" guy in a room full of credit unions, the National Community Reinvestment Coalition's Josh Silver urged credit unions to think seriously about Community Reinvestment Act requirements.
During NCUA's last town hall meeting of the Outreach Task Force, Silver said, "CRA has brought profitable business opportunities to the banks." He noted that they do not even argue to get the requirements removed any more.
Silver also pointed out that state charters in Massachusetts face CRA scrutiny and it is "not an onerous exam" that can be tailored to particular credit union fields of membership. CRA also has been shown, he said, to increase lending to underserved people.
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