Federal Reserve’s Plan to Revamp the Community Reinvestment Act
CRA must help address systemic racial barriers and inequality, and it must benefit low-and-moderate-income (LMI) families and families of color WASHINGTON, D.C. - This week in a board meeting, the Board of Governors of the Federal Reserve approved its draft Advance Notice of Proposed Rulemaking (ANPR) on the Community Reinvestment Act (CRA). In May, the Office of the Comptroller of the Currency finalized its CRA rule, while the Federal Deposit Insurance Corp. (FDIC) has yet to join an agency in finalizing a CRA rule. The CRA is a civil rights law designed to expand financial opportunity. The