This week, the National Community Reinvestment Coalition, the American Bankers Association and the Independent Community Bankers Association submitted a joint letter to Congress, calling on the House Financial Services Committee to exercise its oversight function over the National Credit Union Administration (NCUA) and enact new legislation that subjects credit unions to the Community Reinvestment Act (CRA).
Recent activities taken by NCUA have created a “wild west” in payday lending at credit union service organizations (CUSOs), which do not have the same NCUA consumer protection requirements as credit unions. NCUA is also considering a proposal to expand credit unions’ current statutory requirement to be in “reasonable proximity” to those they serve to a system where credit unions can “cherry pick” groups on a national basis.
Both of these changes bring up significant and concerning questions that require Congressional oversight immediately to safeguard a $2 trillion industry and millions of American households who depend upon it.
Read the full letter:
https://ncrc.org/joint-banking-and-consumer-trades-letter-to-hfsc-and-sbc-credit-union-oversightjoint-banking-and-consumer-trades-letter-to-hfsc-and-sbc-credit-union-oversight/
