WASHINGTON - (05/19/05) -- In a new study sure to initiate newdebate over a Community Reinvestment Act for credit unions, theNational Community Reinvestment Coalition will issue a reportThursday morning asserting that credit unions lag behind banks andthrifts in serving minorities, women and low-income communities andindividuals. The three-year study compares various databasesnationwide and concludes that banks do a better job of lending tounderserved communities. Release of the study, coming ascongressional debate commences on regulatory relief for creditunions, is sure to fuel a renewed debate over whether credit unionsshould be subjected to CRA, the law that requires banks and thriftsto make loans and provide other services to neglected communities.The NCRC study concludes that CRA requirements for credit unions inMassachusetts have forced state chartered credit unions in the BayState to improve their lending in underserved areas. The study is acompilation of Home Mortgage Disclosure Act data; recent reportsissued by the General Accountability Office and the non-profitWoodstock Institute; a study of Massachusetts' CRA, and other data.The NCRC has been active in pushing for a CRA for credit unions andunsuccessfully sued NCUA three years ago when the agency rescindedits CRA-like community action plan rule.
-
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
April 24 -
The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
April 24 -
At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
April 24 -
Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
April 24 -
The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
April 24 -
Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
April 24