Saying that expanding the Community Reinvestment Act to include credit unions will expand housing opportunities, Rep. Eddie Bernice Johnson (D-Texas) today introduced a bill that would do that.
Johnson said at a Capitol Hill news conference that she is including credit unions in her bill, the CRA Modernization Act of 2009, even though credit unions have for the most part behaved responsibly and "we haven't heard many complaints about credit unions."
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.
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