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Should credit unions participate in the Community Reinvestment Act?

Federal policymakers should require credit unions to follow the same Community Reinvestment Act standards as banks follow, the American Bankers Association has told the Office of the Comptroller of the Currency.

In a comment letter submitted in response to an OCC request on how to update the Community Reinvestment Act, the bankers said that one of the goals of the Federal Credit Union Act and the justification for the credit union tax exemption is a requirement that credit unions make credit available to people of “modest means”

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David Baumann


Credit Union Times

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