Comment today on CRA guidance

The Community Reinvestment Act has been instrumental in promoting investment and financial services in low- and moderate-income communities, but it hasn’t kept pace with changes in the financial industry. We have an opportunity today to let bank regulators know that it’s high time to update Community Reinvestment Act for the modern era.

The regulators released proposed changes to their documents that implement CRA (called Interagency Questions and Answers).

We have until May 17 to comment on these proposed changes and let regulators know that they don’t go far enough, so please act today!

Your comments matter. Regulators will be hearing from legions of bank representatives, and we need to make sure that they hear from advocates as well. Here is a sample comment letter that we encourage you to personalize and send to regulators:

http://www.woodstockinst.org/document/130515_cra_qa_signon.docx

The letter includes instructions for submitting the letter to regulators. The letters must be separately sent in to the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency. Alternatively, you can send us your letter on your letterhead to kbuitrago@woodstockinst.org and we can submit the letter to regulators for you.

I’m happy to answer any questions at kbuitrago@woodstockinst.org or 312-368-0310.