Tag: community reinvestment act
Investments and funding motivated by the Community Reinvestment Act are more foundational to the work of community developers than is often discussed. But if regulations change the incentives for banks, the effects on communities will be dramatic.
Proposed changes to CRA by the Office of the Comptroller of the Currency and the FDIC conflict with the best practices of community development.
The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation just released a set of proposed rules for the Community Reinvestment Act that threaten the very heart of the law.
These writings suggest that careful reform of CRA regulations can build upon the progress in lending and investing if the reforms are incremental instead of “transformational."
The Community Reinvestment Act and the Consumer Financial Protection Agency Act hold great promise for the creation of a more financially inclusive nation, but both depend on critical "moments in time" in Congress that will determine whether they become good laws or are weakened beyond recognition