The Federal Reserve System is seeking your comments on how to improve and modernize the Community Reinvestment Act (CRA). The CRA has been vital to low- and moderate-income (LMI) communities and to our broader geographies since it was enacted more than 40 years ago.

This is your chance to act by reviewing the Advanced Notice of Proposed Rulemaking (ANPR) and providing comments on or before Feb. 16, 2021. 

Anyone is welcome to comment. This opportunity may be of special interest to nonprofit and community leaders, bankers and other funders, and representatives of state and local government agencies.

The purpose of the CRA is as vital as ever

“The CRA is a critical law, enacted along with other complementary federal civil rights laws during the late 1960s and 1970s,” Federal Reserve Governor Lael Brainard said in remarks to National Housing Conference leaders in October. “The intent of these laws was to address redlining and systemic inequities in access to credit and other financial services for LMI and minority communities. The core purpose of CRA remains as important as ever, especially given the national conversation we are having about racial equity in our society and the disproportionate impact that COVID-19 is having on LMI and minority communities.”

Modernization seeks to strengthen regulations, reduce burden and provide consistency

The CRA modernization has several objectives; among them:

  • Strengthen regulations in alignment with CRA statute.
    • Incentivize investment and update standards in light of changes to banking over time, including mobile and internet banking.
    • Promote financial inclusion.
    • Strengthen regulations to ensure that a wide range of LMI banking needs are met.
  • Provide greater certainly, tailor regulations and minimize burden.
    • Bring greater clarity, consistency and transparency.
    • Minimize data collection and reporting burden.
    • Tailor performance evaluations to bank size, business models and local conditions.
    • Recognize the special circumstances of small banks in rural areas.
  • Provide a foundation for the agencies (Federal Reserve, OCC and FDIC) to converge on a consistent approach that has broad support among stakeholders.
    • Build on stakeholder feedback from extensive Federal Reserve outreach, review of public comments and ideas of all three banking agencies responsible for the CRA.
    • Continue to engage to get views of stakeholders throughout the process.


You can help shape the next phase of this important regulation.

Please make your voice heard today: