Bank Regulators’ Proposal to Modernize CRA Rules
WASHINGTON, D.C. – Federal banking regulators today announced proposed rules to revise and modernize the Community Reinvestment Act (CRA). In response, Mike Calhoun, president of the Center for Responsible Lending (CRL), made the following statement: Federal banking regulators today issued a notice of proposed rulemaking to modernize the rules that implement the Community Reinvestment Act (CRA). This represents a significant step forward in ensuring that financial institutions address the credit needs of Asian, Black, Latino, Native American, rural and other underserved communities. The