WASHINGTON - National Credit Union Administration chairman JoAnn Johnson said it has no intention of imposing Community Reinvestment Act-like regulations on credit unions.
The NCUA announced last month that it plans to survey credit unions to gauge how well they are serving low-income communities. Some industry officials fear the survey could be a first step toward a CRA-like program.
On Monday, Ms. Johnson told more than 4,000 attendees of the Credit Union National Association's annual Government Affairs Conference that her agency "is not about to embark on a path that would lead you to CRA."
Still, she said the NCUA is conducting the survey because it has to do something to satisfy increasing inquiries from Congress to determine whether credit unions are serving individuals of modest means.
