WASHINGTON — NAFCU has written Reps. Barney Frank (D-Mass.) andSpencer Bachus (R-Ala.), the chairman and ranking member of theHouse Financial Services Committee reminding them that creditunions do not need to be covered by the Community ReinvestmentAct.
The Committee is scheduled to conduct a hearing about the acttoday, in commemoration of the acts 30th anniversary.
“As you are aware, the Community Reinvestment Act was adopted asa punitive measure to punish specific bad actors–namely banks andthrifts–for engaging in discriminatory practices such as redliningand disinvestment,” NAFCU wrote in its Feb. 12 letter.
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