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NAFCU's award-winning advocacy team is monitoring today's House Financial Services subcommittee hearing focused on the Community Reinvestment Act. NAFCU has strongly opposed extending CRA regulations to credit unions and will continue to advocate against additional constraints on credit unions.

The hearing, hosted by the Subcommittee on Consumer Protection and Financial Institutions, is set to begin at 10 a.m. Eastern. NAFCU will attend the hearing.

NAFCU has recently expressed concerns about legislation from Sen. Elizabeth Warren, D-Mass., that, while it wouldn't subject credit unions to CRA provisions, would create new regulatory burdens for some community chartered credit unions and credit unions that seek to add underserved areas. This legislation is revised from a previous bill that would have subjected credit unions to the CRA.

NAFCU has repeatedly highlighted that credit unions have not engaged in the illegal and discriminatory practices of banks, including redlining, because credit unions were established to offer provident credit to any member in their field of membership and therefore should not be subject to the CRA.