WINTRHOP, Mass. — Though investing in the community is something every CU should be doing, it's not something that should be dictated by regulators, according to one low-income CU.
Though Winthrop FCU, as a low-income CU, likely would be exempt from any CRA rules, the CU's CEO, Joseph Clark, said he still has a very strong opinion about it.
"CRA is really important to help everyone," Clark said. "I think it just doesn't belong in a regulator's hand. There is no need for a regulator to fill out paperwork. I think it's really inherent for us to do the job. I think the leagues should be doing this-more than NCUA. If they have to report to NCUA, is it really going to help? I don't think so. I think it has to come from leadership. That leadership comes from leagues and credit unions."
Clark noted that credit unions already are doing the right things, but documenting it through a regulator might be a burden.
"Credit unions naturally have to serve their membership," he explained. "We have to do what CRA is requesting, period."
