Credit unions would have to comply with the provisions of the Community Reinvestment Act under a bill that Rep. Eddie Bernice Johnson (D-Texas) plans to introduce later this week.
In the bill, credit unions would be included with independent mortgage companies, mortgage company affiliates of banks, insurance companies and securities firms as part of a group of "non-bank institutions," to which the act applies.
The bill would expand CRA to require CRA exams consider how well a financial institution serves minorities as well as how well it serves low- and moderate-income groups. It would also require small business loan data to include information on the race and gender of the small business owner.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
