|FOR IMMEDIATE RELEASE:||CONTACT: CHRISTI HARLAN|
|Thursday, July 29, 1999||202-224-0894|
Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, said today that the National Credit Union Administration would be contradicting the will of Congress if it approved a proposal from NCUA Chairman Norman D'Amours to make credit unions comply with lending requirements similar to those contained in the Community Reinvestment Act.
"I must object and encourage you to drop any such plans," Gramm said today in a letter to D'Amours. "Such a proposal is not authorized by law, was specifically rejected by Congress and makes no sense when applied to credit unions."
Gramm reminded D'Amours that during the debate on the Credit Union Membership Act, exactly one year ago, the Senate voted to adopt an amendment, offered by Gramm, that rejected efforts to impose CRA requirements on credit unions.