WASHINGTON The National Credit Union Administration is expected to vote today on a controversial proposal that would apply Community Reinvestment Act-like requirements to credit unions.
In a letter Tuesday the Credit Union National Association urged NCUA board members to remove the contentious proposal from a broader plan that would update the agencys field of membership policies, and to delay action until after next months presidential election.
The CRA proposal would make applicants for a community-chartered federal credit union develop and maintain a plan on how they would serve low-income members of their communities. Under the CRA, banks must make credit equally available to low- and moderate-income residents in their service areas as to other customers.
The broader field of membership proposal would permit expedited consideration of applications by multiple common-bond credit unions to add employee groups of fewer than 500 people. The current threshold is 200 employees.