WASHINGTON — NAFCU has written Reps. Barney Frank (D-Mass.) and Spencer Bachus (R-Ala.), the chairman and ranking member of the House Financial Services Committee reminding them that credit unions do not need to be covered by the Community Reinvestment Act.
The Committee is scheduled to conduct a hearing about the act today, in commemoration of the acts 30th anniversary.
“As you are aware, the Community Reinvestment Act was adopted as a punitive measure to punish specific bad actors–namely banks and thrifts–for engaging in discriminatory practices such as redlining and disinvestment,” NAFCU wrote in its Feb. 12 letter.
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