This event has ended
The Community Reinvestment Act (CRA) 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. Instead of branch-based banking, many transactions take place through ATMs, computers, kiosks, or mobile phones. CRA must be updated so that banks have community responsibilities wherever they do significant business, not just where they have branches (the current basis for CRA assessment areas). And we need ways to hold banks accountable for providing important services--such as affordable checking and savings accounts--to low- and moderate-income communities.
Register for a briefing on CRA Q&A updates
We have an opportunity today to let bank regulators know that it’s high time to update CRA for the modern era in a way that does not discourage banks from providing needed branches and in-person services. Federal regulators have released proposed changes to the Interagency Questions & Answers (Q&A), some of the documents that guide banks in implementing CRA. We have until November 10, 2014, to submit comments on the proposed changes.
Your comments do matter. Regulators will most certainly hear from bank representatives and we need to make sure that they hear from advocates as well. Join us for a phone briefing on Wednesday, November 5, at 1:00 pm CT to learn more about the proposed changes in the new Q&A, what we support, and what we’re recommending to regulators. Woodstock will release a sample letter that organizations can modify and submit, as well as a letter that that we will circulate for sign-ons.
Strengthening CRA means that banks will be evaluated on how well their financial services are actually meeting the needs of underserved communities and will encourage much-needed investments in low- and moderate-income areas across Illinois. We hope you will participate in this effort!
CRA Q&A Phone Briefing
Wednesday, November 5
1:00 p.m. CT