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Frank Tells NAFCU Attendees Hearing on CRA Expansion Likely in Early '08

House Financial Services Committee Chairman Barney Frank (D-Mass.) has had a good relationship with credit unions, but that will not shield them from consideration under an expansion of the Community Reinvestment Act.

By Sarah Snell Cooke | Updated on September 18, 2007

WASHINGTON — House Financial Services Committee Chairman Barney Frank (D-Mass.) has had a good relationship with credit unions, but that will not shield them from consideration under an expansion of the Community Reinvestment Act.

While the chairman has promised a hearing in his committee on the Credit Union Regulatory Improvements Act (H.R. 1537) this fall (See sidebar, page 34), at NAFCU’s Congressional Caucus last week he also alerted credit unions that he planned to hold a hearing in early 2008 to explore expanding CRA, which would cover a variety of financial services entities including credit unions. He acknowledged that the credit unions with more focused fields of membership are already doing what CRA requires, but “Some of the very large credit unions are going to have to show how you’re doing that.” Frank said what he had envisioned would not create “any new burdens for most credit unions.”

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