Are credit unions also subject to CRA requirements? A member of our bank also volunteers with a charitable organization, and is wondering if they can use the CRA angle in asking for donations from other financial institutions.

The CRA does not apply to credit unions insured by the NCUA.

Nor corporate income taxes... seems pretty fair huh???


Yet they can sponsor stadiums at $X million dollars annually. must be nice :P

I formerly worked for a CU that is sponsoring an arena. Let's just say that the employee's were not exactly on board with management's choice. The money being invested in arena could have been used to lower interest rates for members and provide better benefits for their employees (which had been cut back to the minimum required by Obamacare).

There are some state CRA laws, such as Massachusetts, that include credit unions.