The Community Reinvestment Act (CRA) regulations could potentially soon be strengthened and modernized based on a recent proposal from federal bank regulatory agencies that would help to better achieve the purposes of the law.
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 neighborhoods.
The proposal would expand access to credit, investment, and basic banking services in low- and moderate-income communities; provide greater clarity, consistency, and transparency; tailor CRA evaluations and data collection to bank size and type; maintain a unified approach; and adapt to changes in the banking industry, including internet and mobile banking.
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