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Credit Unions Receive Scant Attention at CRA Hearing

Although credit unions could be included in legislation to expand the scope of the Community Reinvestment Act,

By Claude R. Marx | Updated on September 22, 2009

Although credit unions could be included in legislation to expand the scope of the Community Reinvestment Act, they weren’t criticized much for their record of serving the underserved during last week’s House Financial Services Committee hearing on the topic.

A state regulator said a similar law hadn’t had adverse effects on credit unions in his state, and a representative of the American Bankers Association said CRA was a good gauge of how well financial institutions were serving the underserved and should be applied to credit unions.

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