11
May
Federal Agencies Issue Joint Proposal to Modernize Community Reinvestment Act Regulations
Federal bank regulatory agencies today jointly issued a proposal to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA).
CRA is a landmark law enacted 45 years ago to encourage banks to help meet the credit needs of their local communities, including low- and moderate-income (LMI) neighborhoods, in a safe and sound manner.
Click Here to learn more from NAHB including key stakeholder recommended elements in the proposal that:
- Expand access to credit, investment, and basic banking services in low- and moderate-income communities.
- Adapt to changes in the banking industry, including Internet and mobile banking.
- Provide greater clarity, consistency, and transparency.
- Tailor CRA evaluations and data collection to bank size and type.
- Maintain a unified approach.