MD|DC CUA Expresses Concern About CRA During Capitol Hill Meeting

The MD|DC Credit Union Advocacy Team met with staff to Congressman Elijah Cummings to discuss the impact of requiring credit unions to comply with the Community Reinvestment Act (CRA).

Rep. Cummings is co-sponsoring a companion bill to Senator Elizabeth Warren’s “American Housing and Economic Mobility Act.” Identical to the Senate bill (S. 3503), the House version (H.R. 7262) includes a provision that subjects credit unions to CRA.

The MD|DC CUA Advocacy Team organized a meeting to discuss the issue with aides to Rep. Cummings to educate them on the additional regulatory expenses that CRA would generate and reinforce that implementation would impact credit unions’ ability to serve their members. The Association was joined by representatives from the Cooperative Credit Union Association, the Louisiana Credit Union League and CUNA.

“We appreciate the staff of Congressman Cummings taking the time to meet with us and for giving us the opportunity to discuss the bill and the impact it would have on credit unions,” said MD|DC Credit Union Association President and CEO John Bratsakis.  "We look forward to continuing this important conversation with our representatives in Congress.”

Other co-sponsors of the bill are Reps. Cedric Richmond (D-LA), Barbara Lee (D-CA) and Gwen Moore (D-LA).

MD|DC Credit Union Association CEO John Bratsakis was joined by MD|DC Credit Union Association Director of Advocacy Rory Murray, MD|DC Credit Union Association Consultant John McKechnie, Cooperative Credit Union Association SVP & General Counsel Mary Ann Clancy, Louisiana Credit Union League Consultant Jeffrey Brooks, CUNA Chief Economist Mike Schenk, and CUNA Associate Director of Advocacy George Agurkis.