While conceding that credit unions "have not been major actors in the subprime fiasco," National Community Reinvestment Coalition President/CEO John Taylor told lawmakers today that credit unions "have not served minority and working communities in a satisfactory manner."
Taylor, in written testimony at a hearing on the Community Reinvestment Act, said that record was good reason to mandate that credit unions comply with the CRA.
Taylor said the poor performance of credit unions and insurance companies in serving low-income areas has resulted in "decreasing the levels of responsible loans and insurance products available in traditionally underserved areas." He cited a previous report by his group that showed credit unions don't provide loans in those areas at as high a rate as do banks, which are covered by CRA.
Continue Reading for Free
Register and gain access to:
- 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.
