Bankers call for credit unions to be added to CRA

Earlier this year, the GAO suggested that the law be expanded to include non-banks, including credit unions.

Federal policymakers should require credit unions to follow the same Community Reinvestment Act standards as banks follow, the American Bankers Association has told the Office of the Comptroller of the Currency.

In a comment letter submitted in response to an OCC request on how to update the Community Reinvestment Act, the bankers said that one of the goals of the Federal Credit Union Act and the justification for the credit union tax exemption is a requirement that credit unions make credit available to people of “modest means”

However, the bankers said, there is no requirement that credit unions document their services to those people.

“The requirements to meet the financial services needs of all income demographics, including [low- and moderate-income people] individuals, should apply to all federally insured depository institutions,” the bankers said.

 

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