CHICAGO-Ed Jacob, CEO of Northside Community CU here, has seen CRA "from both sides," as he formerly served as a bank CRA officer.
He said that CRA is definitely going to happen, due to "things like Norlarco and US Central." "Large field of memberships have been granted. It's viewed as the responsibility that comes with these things," he added.
That said, Jacobs said he doesn't think "it's that big a deal."
"I think credit unions will do fine with it," he said. But still, he added, "nothing gets credit unions more mad than CRA. I don't quite understand the level. A burden? I don't think so. I think it's actually a positive. The things that credit unions would measure are things a good credit union would measure anyway. I don't view it as big of deal as other credit unions do. There are a lot of battles we are fighting. I don't think this should be one of them."
Jacobs said he "knows he's a minority" in this thinking, but "I really think credit unions are going to be fine. I think NCUA will have to figure out how this is appropriate for credit unions. They'll have to make sure it makes sense for credit unions."
