American Banker: Warren drops CRA mandate for credit unions as part of housing bill

American Banker, March 13th, 2019: Warren drops CRA mandate for credit unions as part of housing bill

WASHINGTON — Sen. Elizabeth Warren, D-Mass., dropped a requirement that credit unions face Community Reinvestment Act obligations from a revamped affordable housing bill introduced on Wednesday.

The 2020 presidential hopeful reintroduced her legislation called the American Housing and Economic Mobility Act, originally introduced in September 2018, but removed the contentious provision that had won praise from bankers but sparked fierce opposition from credit unions.

Credit unions were quick to claim victory on the latest bill, offering their support for the revised version.

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