Credit unions have an excellent record of serving the underserved and if more financial institutions acted like them there would be no need for the Community Reinvestment Act, CUNA and NAFCU each wrote the House Financial Services Committee in the wake of today's hearing on expanding the measure.

"Credit unions have not-and do not-engage in redlining; credit unions continue to lend when others have reduced credit availability; credit unions serve their members at all income levels; and increasing the regulatory burden on credit unions could prove harmful to member service. In short, credit unions have done nothing to deserve the regulatory framework that has been rightly imposed on banks for their misdeeds," wrote CUNA President/CEO Dan Mica.

NAFCU Executive Vice President for Government Affairs B. Dan Berger wrote that "As many in Congress have wisely noted, if all financial institutions acted like credit unions, there would be no need for CRA. We firmly believe that placing CRA requirements on credit unions would create new costly regulatory burdens without public benefit–a solution in search of a problem."