The banking trades are working at all levels of the government to make life increasingly unpleasant for credit unions. This is why credit unions need to be politically active at all levels at all times.
At the federal level, the bankers have shifted focus from taxing credit unions–not that they aren't still after that–to an assault they feel would play better with the Democratic Congress: Apply the Community Reinvestment Act to credit unions.
House Financial Services Committee Chairman Barney Frank's (D-Mass.) announcement earlier this year that he plans to look at expanding CRA, and subsequent first hearing in what is expected to be a series, opened the door for the bankers. And they certainly walked through it. The first thing Frank did was read a letter from NAFCU into the record and ask the panel, which included no credit union industry representatives but plenty of bankers, what it thought of making credit unions subject to CRA.
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