|
February 7 - The House Financial Services Committee scheduled a hearing on February 13 to discuss the Community Reinvestment Act (CRA). The hearing is scheduled to coincide with the 30th anniversary of the Act.
The purpose of the hearing is to discuss the accomplishments made possible by the Act and to examine challenges that prevent the law from being more effective. The Committee is still confirming witnesses who will testify at the hearing.
Credit unions were not mentioned specifically in the announcement, but Chairman Barney Frank (D, Mass.) of the House Financial Services Committee has stated in the past that credit unions should be subject to CRA. State credit unions in his home state of Massachusetts are subject to CRA under state law. At a recent press conference, Frank explained that the Committee has included review of CRA on its 2008 agenda. To read more about the House Financial Services Committee 2008 agenda, click here.
|
