Credit unions would have to comply with the provisions of the Community Reinvestment Act under a bill that Rep. Eddie Bernice Johnson (D-Texas) plans to introduce later this week.
In the bill, credit unions would be included with independent mortgage companies, mortgage company affiliates of banks, insurance companies and securities firms as part of a group of "non-bank institutions," to which the act applies.
The bill would expand CRA to require CRA exams consider how well a financial institution serves minorities as well as how well it serves low- and moderate-income groups. It would also require small business loan data to include information on the race and gender of the small business owner.
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