Date: July 28, 1998
Subject: Credit Union Membership Rules
Description: D'Amato (R-NY) motion to table (kill) the Shelby (R-AL) amendment that would exempt banks with assets of less than $250 million from the 1977 Community Reinvestment Act. The act requires federal regulators to consider a bank's lending record to all areas in the community it serves when deciding whether to allow a branch, merger or other endeavor. The act has become a tool for extortion against bankers.
Result: Motion to Table Agreed to, 59-39
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