NCUA Is Not Seeking CRA-Like Requirements
Since the tax exemption isn't up to the NCUA board, the regulators found a different set of magic words that were guaranteed to draw applause: "no CRA for credit unions."
"Make no mistake," said NCUA Vice Chair Rodney Hood at his first GAC, "NCUA is not seeking a CRA-like requirement for credit unions...I was once a CRA officer of a major financial services company, so I say it with conviction because I've been there."
Even so, Hood noted, NCUA must be responsive to Congress and the GAO.
And despite the fact that it's not up to NCUA to keep or eliminate the tax exemption, Hood found a good way to weave that into his first GAC address, as well. "Maintaining the tax exemption is critical to maintaining the safety and soundness of credit unions," he said.