Credit unions received a double dose of good news on the Community Reinvestment Act front today.
The House Financial Services Committee canceled a hearing scheduled for next Tuesday on proposals to expand the reach of the Community Reinvestment Act. Some of the proposed bills would force credit unions to comply with the 1977 law. The committee didn't give an explanation for the cancellation or indicate whether the hearing will be rescheduled.
But even if Congress takes up changes to the law, House Financial Services Committee Chairman Barney Frank said he wouldn't favor including credit unions.
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