Sen. Elizabeth Warren, D-Mass., reintroduced the American Housing and Economic Mobility Act Monday, which does not expand any explicit Community Reinvestment Act (CRA) requirements to credit unions. America’s Credit Unions, the Cooperative Credit Union Association, Leagues, and credit unions engaged with Warren and other sponsors to ensure any potential CRA expansion was not included. Warren also announced that Rep. Emanuel Cleaver, D-Mo., was introducing an identical House companion measure.
“While America’s Credit Unions has concerns with the American Housing and Economic Mobility Act, we commend Senator Warren’s desire for housing reform in our country,” said America’s Credit Unions President/CEO Jim Nussle. “We thank her for keeping Community Reinvestment Act language out of this bill, and understanding how these additional regulatory and financial burdens would create difficulties for credit unions as well as the 140 million Americans they serve.
“Today’s news is a culmination of incredible coordination within the industry to successfully tell the story of credit unions fulfilling their fundamental duties of serving the underserved. As banks continue to chase profits, close their doors, and leave communities behind, credit unions will always hold themselves to a higher standard, and it’s clear that lawmakers understand and appreciate the credit union difference,” added Nussle. “This is a win for our industry, but the work continues until every American can live their best financial lives by choosing to trust credit unions.”
America’s Credit Unions has several messaging resources to assist credit unions in advocacy efforts on the industry’s top issues, including CRA.
