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HMDA Data Spurs CRA Concerns

Increases in mortgage origination share mean Community Reinvestment Act compliance could be on the horizon.

By David Morrison | Updated on October 30, 2015

For the second year in a row, credit unions increased their mortgage origination share. The gain spurred speculation the financial cooperatives might face a legislative effort to force them to comply with the Community Reinvestment Act.

Congress passed the CRA in 1977 to encourage banks to meet the credit needs of the communities they serve, particularly low- and moderate-income neighborhoods. The law came as the result of criticism banks withheld loans from those areas, a practice known as redlining. Congress substantially revised the legislation in 1995 and 2005, according to the Federal Reserve Board.

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