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Shout CUs' Good Works From the Rooftops

I didn't watch the proceedings of the 30-year anniversary hearing of the Community Reinvestment Act, but stories recounted to me were mixed with regard to credit unions' treatment. With no credit union witnesses on any of the panels, the banking trades and even the Connecticut regulator were free to suggest...

By Sarah Snell Cooke | Updated on February 19, 2008

I didn’t watch the proceedings of the 30-year anniversary hearing of the Community Reinvestment Act, but stories recounted to me were mixed with regard to credit unions’ treatment. With no credit union witnesses on any of the panels, the banking trades and even the Connecticut regulator were free to suggest that credit unions should be subject to CRA at the federal level.

True, most credit unions don’t have direct experience with CRA, but the opportunity for the bankers was obvious; a credit union representative should have been there to make the case that the credit unions are already doing more for their members than the banks do under CRA. And, if the hearing was intended to be truly commemorative in nature, it should have been kept on point. If credit unions weren’t testifying because they had no experience with CRA, then their lack of CRA coverage should not have become a recurring topic of discussion at what was meant to be a “look back” over the years.

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