A Win for CUs: Sen. Warren Updates American Housing and Economic Mobility Act

Samantha Beeler, your Association’s VP, Advocacy just checked in from CUNA GAC to let us know that Senator Elizabeth Warren has introduced an updated version of the American Housing and Economic Mobility Act.

When this legislation was originally introduced, Sen. Warren planned to expand the Community Reinvestment Act to include some credit union requirements. The new version codifies the existing NCUA regulations covering how credit unions provide for underserved communities. Due to credit unions’ not-for-profit, cooperative structure, support for underserved communities is already widely practiced, and the CRA is not necessary.

Samantha reports this is a positive step and is possible due to collaboration with our member credit unions, CUNA, and other leagues, who worked hard on this issue.

 

Posted in Advocacy on the Move.