Cooperative advocacy efforts clear CRA from housing bill

Community Reinvestment Act (CRA) requirements for credit unions were not included in the housing bill introduced by Sen. Elizabeth Warren, D-Mass., on Monday.

It is a testament to our cooperative advocacy efforts, as America’s Credit Unions, Leagues (especially the Cooperative Credit Union Association), and credit unions worked with Sen. Warren and other sponsors of the bill to demonstrate that applying CRA requirements to credit unions would create massive burdens and no benefits to the people the bill aims to help.

Credit unions’ reputation as consumer protectors—along with the unified voice of America’s Credit Unions, Leagues, and credit unions—clearly shows that increasing access to credit unions is the best way to increase financial inclusion.

Policymakers might not agree on much these days, but increasing financial inclusion is a bipartisan priority, and one that credit unions are positioned to move forward.

 

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