Rep. Paul E. Kanjorski, D-Pa., on Wednesday said Congress should consider making large credit unions meet community reinvestment standards or pay taxes like banks.
"Ultimately, there will be responsibility placed on very large credit unions," he predicted.
Rep. Zach P. Wamp, R-Tenn., suggested including this change in legislation that would let occupation-based credit unions serve members with multiple common bonds. "There might be a way to show the banking community how reasonable the credit unions' advocates really are, with a special classification for super-large credit unions," he said.
This is the first olive branch from credit union supporters, but a spokeswoman for the American Bankers Association said defining a large credit union would be contentious.
Credit union leaders do not want the common-bond bill amended. "The issue is not taxation or (the Community Reinvestment Act), the issue is field of membership," said Kenneth L. Robinson, president of the National Association of Federal Credit Unions.