CUNA Details Effects on CUs of Warren CRA Legislation

CUNA responded to several recent inaccurate reports about its support of Sen. Elizabeth Warren’s (D-Mass.) new housing bill, which CUNA, leagues and credit unions worked with Warren on for months, in a recent Removing Barriers Blog entry. Through these advocacy efforts, Warren’s bill does not place credit unions under the Community Reinvestment Act (CRA), as the version introduced in the previous Congress would.

Some reports have claimed that the CUNA-backed bill would increase regulatory burdens on credit unions, despite the removal of the CRA obligation.

“CUNA is committed to doing what we have always done:  Providing fact-based, accurate, and thoroughly researched insights and analysis that our members can confidently depend upon when reaching their own conclusions,” the blog entry reads.

The blog entry includes a comparison chart from CUNA comparing the bill’s language to existing regulatory requirements for credit unions, as well as to a regulatory relief bill introduced last Congress, the Financial Services for the Underserved Act of 2017.

“We believe that once you have an opportunity to view the facts for yourself, you will see why CUNA believes that Senator Warren’s bill is a victory for credit unions--one that eliminates the threat of CRA, codifies existing regulatory requirements, and even lessens the regulatory burdens attached with the expansion of credit unions’ abilities to reach underserved communities,” it adds.

CUNA Chief Advocacy Officer Ryan Donovan wrote in Credit Union Times last week that Warren’s bill is proof that the credit union difference resonates with policymakers, and credited CUNA, league and credit union engagement with Warren and other co-sponsors with successfully demonstrating credit union support for underserved communities.