Warren deletes credit union CRA provision in re-introduced housing bill

Sen. Elizabeth Warren
Sen. Elizabeth Warren, Bloomberg News

In a positive development for credit unions, Sen. Elizabeth Warren, D-Mass., dropped a requirement that credit unions face Community Reinvestment Act obligations from a revamped affordable housing bill introduced in Congress.

Warren re-introduced an updated version of the American Housing and Economic Mobility Act, which was originally introduced in September 2018, but removed the contentious provision that had won over bankers but created opposition from credit unions.

In a statement, Warren said the legislation will “help bring down costs for renters and buyers, level the playing field so working families everywhere can find a decent place to live at a decent price, and takes the first step to address the effects of decades of housing discrimination on communities of color.”

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