Rep. Roukema Clarifies Her Position On Exempting Small Banks from CRA

To the Editor:

I was quoted out of context in the Aug. 7 article "Roukema Defends Her Backing of CRA Exemption in Relief Bill." The article incorrectly claimed that I had made contradictory statements about whether I would vote to exempt small banks from the Community Reinvestment Act.

I was correctly quoted as saying, "I do look forward to providing small community banks and savings associations with (CRA relief) at the appropriate time, but this is not the time today."

This quote was taken out of context, however, from floor debate on the credit union bill. I was referring only to the credit union bill, and my point was that the credit union bill was not the appropriate vehicle for the CRA exemption for small institutions.

I have pressed and will continue to press for action on regulatory burden relief. I will make every effort to ensure that this bill is passed through committee in early September.

Rep. Marge Roukema

Republican of New Jersey

Rep. Roukema is chairwoman of the financial services subcommittee of the House Banking Committee.