It is no secret that our banking friends have, in addition to advocating for the elimination of credit unions’ tax-exempt status, longed to add credit unions to the Community Reinvestment Act. This is something we have fought from the Act’s inception, rightly arguing that credit unions do not need to be subject to the Act because of credit unions’ already tireless community investment.
New, however, is that the National Community Reinvestment Coalition is seeking to add non-bank institutions, including credit unions, to be covered by the CRA. That’s a significant new piece to the quiet fight going on Capitol Hill right now. We have to continue to be on our guard given the uncertain times we find ourselves in today.
Given that, there’s a way you can help. You’ve heard about our new website, Advancing Communities in the Volunteer Tradition. We need your videos on our site! Banks and others want to subject credit unions to the burdensome regulations of CRA when credit unions are already lending and reinvesting in their communities. The best way to show this and advocate for credit unions is to send your videos that tell about the ways you are serving our Advancing Communities site. We’ve got to tell our story so that the banks and the NCRC don’t tell it for us. Visit advancingtncommunities.org to submit your videos today!