Sen. Elizabeth Warren (D-Mass.) released an updated version of her housing legislation Wednesday, a version of the bill that reflects significant engagement between CUNA, leagues, credit unions and Warren. Unlike the previous version, the American Housing and Economic Mobility Act of 2019 would not require credit unions to comply with the Community Reinvestment Act (CRA).
The bill was introduced Wednesday, as more than 5,200 hundred credit union leaders are in Washington, D.C. for the CUNA Governmental Affairs Conference and their subsequent visits on the Hill to each Congressional office.
“This bill is a shining example of 360-degree advocacy in action,” said CUNA President/CEO Jim Nussle. “When Senator Warren initially planned to expand CRA and place onerous and duplicative regulations on credit unions, we collaborated with League partners and the Senator to show the many ways that credit unions have been fulfilling requirements to support underserved communities for well over two decades. Recognizing the power that credit unions bring these communities, Senator Warren pivoted to instead codify into law the regulations that have been dictating our actions for many years. We look forward to working with the Senator and other likeminded lawmakers to ensure that credit unions are able to continue serving these communities for the foreseeable future.”
continue reading »