Reintroduced Housing Bill Does Not Include CRA

The MD|DC Credit Union Association, the Leagues and CUNA worked with Congress to remove the Community Reinvestment Act requirement.

Sen. Elizabeth Warren reintroduced the American Housing and Economic Mobility Act from the previous Congress without a provision that would have mandated CRA be applied to credit unions. The MD|DC Credit Union Association, Cooperative Credit Union Association, the Louisiana League and CUNA, met with aides to Sen. Warner and Reps. Richmond and Cummings, who sponsored a companion bill, to suggest alternative language to accomplish the goals of the provision. The Association is still reviewing all the provisions of the bill but are pleased that initial concerns raised by credit unions have been recognized.

“This is a great example of advocacy in action and why collaboration makes the League/CUNA system so valuable,” said MD|DC Credit Union Association President/CEO John Bratsakis. “It also reinforces the benefits of building strong relationships with our legislators. We appreciate that credit union concerns were heard and look forward to continuing to work together with Congress on this issue.”