On March 13, 2019, Senator Elizabeth Warren (D-Mass.) reintroduced The American Housing and Economic Mobility Act (the bill), which was first introduced in the last Congress as S.3503. While this bill includes the language from that bipartisan proposal, it also adds a number of additional new statutory provisions to the Federal Credit Union Act (FCU Act) that were not included in H.R. 4665 and serve to increase statutory requirements on credit unions. NAFCU has summarized sections of the bill applicable to credit unions.
The bill is a comprehensive reform package designed to overhaul the housing system and has undergone several changes that make it distinct from its predecessor. Last Congress’s bill imposed Community Reinvestment Act (CRA) requirements for credit unions. The most recent version of the bill does not include credit unions in CRA and allows for all credit unions to add underserved areas to their fields of membership. The bill does impose additional statutory measuring and reporting requirements on credit unions and, as a consequence, NAFCU cannot support the legislation.
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