WASHINGTON, DC – Federal banking regulators today passed updates to the Community Reinvestment Act (CRA), one of the seminal pieces of legislation to address systemic inequities in access to credit. The Comptroller of the Currency, Federal Reserve System and Federal Deposit Insurance System made the revisions to increase transparency and bring the regulatory system in-line with modern banking practices, including the rising use of mobile and online banking and lending.
“All Americans deserve an inclusive financial system that helps them realize their dreams,” said Mitria Spotser, vice president and director of federal policy at the Center for Responsible Lending. “This long-overdue update of the Community Reinvestment Act will expand access to financial services in low- and moderate-income communities. We encourage federal agencies to strengthen interpretations of the statute to ensure a unified regulatory approach that more explicitly addresses the nation’s historical and ongoing legacy of racial discrimination and redlining.”
The last major revision of the CRA was in 1995.
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