Washington Credit Union Daily, November 23, 2021, Community Coalition Joins Banks In Blasting Credit Unions
“Credit unions are not held accountable to fulfill community reinvestment activities, creating a regulatory inconsistency between banks and credit unions, even though both take deposits and should thus have similar requirements to meet needs and conveniences of the communities where they operate,” the National Community Reinvestment Coalition, the American Bankers Association and the Independent Community Bankers of America wrote last week in a letter to key House and Senate committees. “Absent such expectations, some credit unions are not making efforts to invest in lower-income areas.”
