Friction between banking and credit union advocates is intensifying with calls for reforms to Community Reinvestment Act (CRA) requirements that would lessen the act’s impact on banks and subject credit unions to CRA provisions as well.
Banking advocates argue that not subjecting banks and credit unions to the same anti-discrimination standards creates market inequity and confusion. Credit union trade groups argue that their members do not engage in the types of activities such requirements were intended to stamp out.
Find out more about arguments from both sides.