CRA feedback published; NAFCU maintains opposition to CU inclusion

The Federal Reserve Thursday published a summary of feedback from various roundtable discussions on ways to modernize the Community Reinvestment Act (CRA). NAFCU has strongly opposed extending CRA regulations to credit unions and will continue to advocate against additional constraints on credit unions.   The CRA was enacted in 1977 to encourage banks to meet the financial needs of the communities they serve. Since consumer safeguards and fair lending are already a part of credit unions’ statutory and regulatory fabric, the CRA does not apply to the industry.