The American Housing and Economic Mobility Act was reintroduced Monday by Sen. Elizabeth Warren, D-Mass. America’s Credit Unions, the Cooperative Credit Union Association, Leagues, and credit unions have engaged with Warren dating back to the last Congress to ensure the legislation does not include any potential Community Reinvestment Act expansion for credit unions.

“Limited access to affordable housing is a concern for credit unions, and America's Credit Unions continues to advocate for policies that work to address this issue. We thank Senator Warren for introducing the American Housing and Economic Mobility Act,” said Jim Nussle, president/CEO of America's Credit Unions. “Although we have identified some concerns and opportunities to strengthen this bill, we appreciate that it recognizes the vital role that credit unions play in providing financial options and mortgage assistance for Americans and does not include Community Reinvestment Act language. Owning a home is a major step for families, creating lasting wealth and strengthening the foundation of the family, and in recent years this step has been falling out of reach. Credit unions stand ready to support Americans achieve this dream.”

America’s Credit Unions has consistently maintained that extending the CRA to credit unions would create many regulatory and financial burdens with no benefit to consumers.