Now is an important time to External Linkmake your voice heard regarding the Community Reinvestment Act (CRA). Signed into law in 1977, the CRA has helped transform communities and households across the country. Whether it’s a rural or urban community, housing, small business, or another area of focus that affects the well-being of a community, the CRA has been a part of banks’ involvement as community partners.

The External LinkNotice of Proposed Rulemaking (NPR) issued May 5 requests comments on or before Aug. 5 on all aspects of the regulatory text and policy proposals. The NPR contains 180 questions (you don’t need to answer them all) where agencies would like additional input. Your comments on any of the questions or other areas of the regulation will help the agencies frame the regulation so it best serves low- and moderate-income communities.

We ask bankers, community leaders, government officials and others involved in community and economic development to contribute to creating a CRA regulation that achieves its core purpose and is appropriate for today and the future of financial services.

The NPR has eight objectives:

  1. Strengthen the achievement of the core purpose of the CRA.
  2. Adapt to changes in the banking industry, including mobile and online banking.
  3. Provide greater clarity and consistency in application of the regulations.
  4. Tailor performance standards to account for differences in bank size, business model and local conditions.
  5. Tailor data collection and reporting requirements and use existing data whenever possible.
  6. Promote transparency and public engagement.
  7. Ensure the CRA and fair lending are mutually reinforcing.
  8. Create a consistent regulatory approach among all three banking agencies.

We would appreciate External Linkhearing from you regarding the communities you serve. Also, please consider sharing with your community contacts and encouraging them to comment.

Helpful CRA resources

Author

Ariel Cisneros

Senior Advisor

Ariel Cisneros is a lead community development advisor for the Federal Reserve Bank of Kansas City at the Denver Branch. Cisneros focuses on the community and economic developme…

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