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Treasury Department: No Credit Unions in Community Reinvestment Act

Treasury Department warns the growth of non-bank lenders competing for loans could have future implications for the program.

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U.S. Department of Treasury in Washington, D.C., U.S., on Wednesday, March 21, 2018. Photographer: Zach Gibson/Bloomberg

The Treasury Department on Tuesday issued recommendations on how to update the Community Reinvestment Act and the proposals do not include expansion of the law to cover credit unions.

The Government Accountability Office and banking lobbyists had suggested that the law be expanded to include non-banks, including credit unions.

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David Baumann

 

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