Why aren credit unions legally required to comply with the Community Reinvestment Act (CRA)?
The CRA was designed because Congress found that some banks were ignoring the needs of people in their communities. Credit unions, by the nature of their cooperative structure and service-oriented philosophy, already play a vital role in the development of the communities in which they exist. Credit unions help members improve their economic lives through wise use of financial resources. In partnership with credit unions, members learn to become financially responsible and self-sufficient.
