It's back.
The prospect of expanding the reach of the Community Reinvestment Act, possibly to include credit unions will be on Congress' radar screen again next week.
The House Financial Services Committee is hold a hearing on Tuesday to discuss revising the Community Reinvestment Act.
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The panel hasn't announced witnesses for the session. So far, several bills have been introduced to revise the CRA, some of which would include credit unions.
A bill by Rep. Eddie Bernice Johnson (D-Texas) to cover credit unions along with independent mortgage companies, mortgage company affiliates of banks, insurance companies and securities firms as part of a group of "nonbank institutions" was introduced in March 2009.
Credit unions fear that having to comply with the act will add to their regulatory burden. They further contend that in light of their mission to serve the underserved, they are already complying with the goals of the CRA, which was passed in 1977 as a response to incidents of redlining by some banks.
However, banking lobbyists and some congressional Democrats say that credit unions should have to comply with the CRA.
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