Sea Demon
03-19-09, 03:26 PM
"Credit Unions fight off 'punitive' act"
This is ridiculous. This is the very vehicle that created the housing and financial chaos in the first place. Making banks underwrite loans to people unable to afford them. No credit or background checks. No downpayment loans. etc. And now Democrats want to "rewrite" it and expand it to other non-bank entities including insurers, securities firms and credit unions.
Credit Unions so far have been largely unaffected and remain healthy today as the Community Reinvestment act did not apply to them. But it looks like the Democrats want to change that. Are these people nuts?!?!? That question was of course rhetorical.
http://www.politico.com/news/stories/0309/20129.html
Any American affiliated with a credit union...take heed. Again, elections matter.
This is ridiculous. This is the very vehicle that created the housing and financial chaos in the first place. Making banks underwrite loans to people unable to afford them. No credit or background checks. No downpayment loans. etc. And now Democrats want to "rewrite" it and expand it to other non-bank entities including insurers, securities firms and credit unions.
Credit Unions so far have been largely unaffected and remain healthy today as the Community Reinvestment act did not apply to them. But it looks like the Democrats want to change that. Are these people nuts?!?!? That question was of course rhetorical.
http://www.politico.com/news/stories/0309/20129.html
Any American affiliated with a credit union...take heed. Again, elections matter.