U.S. Department of Treasury building in Washington, D.C. U.S. Department of Treasury building in Washington, D.C. (Source: Shutterstock)

The Treasury Department should not continue to give low-income credit unions an unfair ‘free pass’ in Community Development Financial Institution certification, the American Bankers Association said Thursday.

“With nearly half of all credit unions now classified as ‘low-income,’ we question whether the NCUA’s ‘low-income’ designation accurately identifies credit unions that are committed to the development of low income and under-served communities,” Joseph Pigg, the ABA’s senior vice president for fair and responsible lending, said, in a letter to Treasury Department officials.

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David Baumann


Credit Union Times

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