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ICBA called on congressional committees to convene a hearing on credit union lending practices and oversight following reports of discriminatory lending at Navy Federal Credit Union.
Details: In a letter to the House Financial Services Committee and Senate Banking Committee, ICBA provided questions that lawmakers should explore, such as whether Navy Federal’s practices are widespread within the credit union industry and whether permissive National Credit Union Administration oversight enables discriminatory lending.
CNN Report: CNN last month reported that the $165-billion-asset institution had racial disparities even among applicants with similar incomes and debt-to-income ratios. The report noted that credit unions are exempt from Community Reinvestment Act oversight, unlike banks.
Congressional Response: The report has generated letters from Senate Banking Committee Chairman Sherrod Brown (D-Ohio) signed by eight members of the panel as well as Senate Finance Chairman Ron Wyden (D-Ore.), from House Financial Services Ranking Member Maxine Waters (D-Calif.), and from House Financial Services Ranking Member on Housing Emanuel Cleaver (D-Mo.) and Congressional Black Caucus Chairman Steven Horsford (D-Nev.), which was cosigned by 40 members of the House and Senate.
ICBA Response: ICBA last month shared the article on X and renewed its request for Congress to hold hearings on credit unions. In a national news release last week following a new series of credit union acquisitions of community banks, ICBA President and CEO Rebeca Romero Rainey said Congress should investigate why taxpayers are underwriting industry consolidation.
More on Credit Unions: Amid ongoing credit union acquisitions of community banks and increased attention on credit union policy, ICBA has:
Launched targeted ads and a new website making clear to consumers that “Something’s Wrong” with credit union policy.
Conducted an ad campaign directing congressional offices to questions they should ask credit union executives in Washington for advocacy meetings.
Renewed its call for Congress to act on credit union bank acquisitions.
Grassroots Resources: Community bankers can use ICBA’s Be Heard grassroots action center to call on their members of Congress to hold a hearing on the National Credit Union Administration’s lax oversight. Additional resources—including state fact sheets, a messaging playbook, and a customizable op-ed—are available on the ICBA website.