Although credit unions could be included in legislation to expand the scope of the Community Reinvestment Act, they weren't criticized much for their record of serving the underserved during last week's House Financial Services Committee hearing on the topic.
A state regulator said a similar law hadn't had adverse effects on credit unions in his state, and a representative of the American Bankers Association said CRA was a good gauge of how well financial institutions were serving the underserved and should be applied to credit unions.
Most of the discussion, however, focused on whether CRA was still needed and what impact CRA's requirements to lend to people in underserved areas had on the subprime crisis.
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
© 2024 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.
