As you can imagine from the title, I am not a fan. And though it is merely a bill at this point, I am still not a fan of it. CRA definetely needs to be fixed (it is most definetely broken), but I don’t think CDCU’s should even be on the target list. I mean, Community Development Credit unions by the nature of what they do, already provide access to capital in underserved communities–both rural and urban in way that CRA in its current structure does not (don’t get me started on the fact that financial institutions with CRA needs seem hell bent on anything in Cali or New York–which I don’t think was the intent.)
Read the Federation’s (formerly the Federation of Community Development Credit Unions) response to the act here. And the NCRC’s favorable view of it here. What say you, you CRA experts?
