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Michigan Credit Union League Sets Out to Document Community Reinvestment Activity |
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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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