Community Reinvestment Act (CRA) requirements would be strengthened and extended to cover credit unions and nonbank mortgage companies under a new bill sponsored by Sen. Elizabeth Warren (D-Mass.).
The legislation’s introduction comes as financial trade organizations have continued to see progress toward long-advocated CRA updates intended to lessen the regulatory burden it places on financial institutions. A Moody’s study indicated the bill could have positive economic effects in addition to helping low- and middle-income families.
Find out more details about the varied opinions on the new legislation.