Credit unions oppose being placed under CRA in House bill

WASHINGTON, DC (December 21, 2018) — The House American Housing and Economic Mobility Act (H.R. 7262) would require credit unions to be examined for compliance under the Community Reinvestment Act (CRA). Credit Union National Association (CUNA) is speaking out against the proposed bill as it would ultimately harm America’s credit unions.

CUNA believes extending the CRA to credit unions would represent a significant step backward in achieving expanded access to affordable mortgage credit and other financial services from reputable cooperative entities like credit unions. Credit unions are member-owned financial institutions and by statute already operate to achieve the purposes of the CRA.

The letter cites recent data showing credit unions deliver more than $15 billion in benefit to all consumers each year, in the form of lower rates on lending and higher dividends on deposits. It also shows how credit unions increased lending to low- and moderate-income mortgage borrowers by 48%, while bank lending over the same time period to low- and moderate- income borrowers decreased by 56%.”

CRA is intended to encourage for-profit banks to meet the needs of borrowers in their communities, including in low- and moderate-income neighborhoods. Congress passed this law in 1977 to reduce discriminatory lending practices against low-income neighborhoods. Credit unions’ consumer-focused model is self-regulating, which supports the rationale that credit unions are not covered by CRA.

About CUNA

Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit To find your nearest credit union, visit


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