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Michigan Credit Union League Sets Out to Document Community Reinvestment Activity Print E-mail
The Michigan Credit Union League has begun collecting and recording the community reinvestment activity of its member credit unions, in an effort to demonstrate the collective social and economic impact credit unions have in lower income communities.

The league has developed and distributed surveys asking specific questions on social mission and the number and dollar amount of every credit union contribution. The results will be used to demonstrate to legislators, regulators, and other groups how Michigan credit unions specifically serve lower income people.

In recent months, there has been a increased interest in extending the Community Reinvestment Act to credit unions to ensure that they meet their chartered mission of serving people of modest means. This effort is one example of ways the credit union industry has attempted to head off a mandated reinvestment requirement through self-regulation.




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