California CRA bill raises opposition from credit union stakeholders

Opposition to a Community Reinvestment Act (CRA) bill introduced in California is bringing together a coalition of stakeholders to weigh in with state lawmakers.  

America’s Credit Unions, the California Credit Union League, the African American Credit Union Coalition, and the Defense Credit Union Council detailed the negative impacts the state-level CRA legislation would have on California credit unions and their members. 

The groups argue that subjecting credit unions to CRA is unnecessary and will “impede the credit union’s natural ability to serve the underserved.”  
Credit unions are not included in federal CRA legislation. They already provide equitable lending, are subject to a series of unique legal restrictions, and many credit unions have earned specific designations that recognize their commitment to underserved populations. 

Read the full letter.