Things are different today than they were in 1973.
Unfortunately, the Community Reinvestment Act remains largely the same —and that’s a problem.
We need to update CRA to reflect the realities of the modern banking era. Instead of branch-based banking, many transactions take place online or through networks of brokers. CRA must be changed so that banks have community responsibilities wherever they do business, not just wherever they have branches. And we need stronger ways to hold banks accountable for providing important services--such as affordable checking accounts--to low-income communities.
We have an opportunity today to let bank regulators know that it’s high time to update CRA for the modern era. Federal 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.
Please join us for a call this Monday, May 13 at 11am to go over the issues in the new Q&A. We will provide you with a sample letter that you can modify and send to regulators.
A better CRA means more badly-needed investments in communities at a time when the federal government is cutting spending. We hope you can join us in this campaign!