John Sarbanes: “First of all, let me make it very clear, the CRA that is being applied to the credit unions is not the Community…”

“First of all, let me make it very clear, the CRA that is being applied to the credit unions is not the Community Reinvestment Act. It is a provision drafted especially for the credit unions, and it is designed to ensure that they pay full attention to the field of membership. I think it is a reasonable provision. I hope it will stay in the bill. I know that the Senator from Texas is trying to strike it, but, of course, he is against any CRA, any version of CRA anywhere and at any time. I disagree very strongly with that. We will have an extended debate on the effort to exclude some banks from CRA. There is really a basic philosophical difference. We see the CRA as bringing people into the mainstream of economic life and involving them in our economic process. I have spoken to many bankers who support CRA. They think it has produced good results. Federal Reserve Chairman Greenspan has said: The essential purpose of the CRA is to try to encourage institutions who are not involved in areas where their own self-interest is involved, in doing so.”