The ‘C’ in CRA should still mean something

Source: Paulina Gonzalez & Luis Granados, California Reinvestment Coalition (American Banker)

The Community Reinvestment Act (CRA) was put into place to address the refusal of banks to lend to and meet the financial needs of low- and middle-income communities. Crucially, CRA brings together communities that have been historically marginalized and denied access to banking services, and the organizations that represent them, to sit at the table with banks and regulators. This ensures that bank investments, lending and financial services meet the needs of the communities where they do business. Due to the law’s effectiveness, the California Reinvestment Coalition has secured over $25 billion in commitments from banks for California communities over the past four years.

But several of Treasury’s proposed changes seem to be written by bankers, for bankers.

Read Full Article: The ‘C’ in CRA should still mean something



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