Congress Urged to Bring CUs Under Community Reinvestment Act

WASHINGTON – (February 14, 2008) Community development advocates yesterday joined bankers in calling on Congress to expand the Community Reinvestment Act to credit unions and other entities not currently covered.

John Taylor, president of the National Community Reinvestment Coalition, told the House Financial Services Committee studies conducted by his group found that credit unions lag behind banks and thrifts in serving low- and moderate-income families and minorities. The credit union industry has grown enough “that it should never lag, but should be far ahead of banks and thrifts in providing credit to low-income and minority groups–particularly because of the tax benefits (exemption),” said Taylor. (Credit Union Journal)