{"id":81614,"date":"2020-09-24T14:03:51","date_gmt":"2020-09-24T18:03:51","guid":{"rendered":"https:\/\/ncrc.org\/?p=81614"},"modified":"2020-09-28T09:54:51","modified_gmt":"2020-09-28T13:54:51","slug":"civil-rights-and-consumer-advocacy-groups-support-federal-reserve-steps-to-update-cra-rules","status":"publish","type":"post","link":"https:\/\/ncrc.org\/civil-rights-and-consumer-advocacy-groups-support-federal-reserve-steps-to-update-cra-rules\/","title":{"rendered":"Civil rights and consumer advocacy groups support Federal Reserve steps to update CRA rules"},"content":{"rendered":"

On Monday, the Federal Reserve Board of Governors approved a process to revise the rules banks must follow to comply with the Community Reinvestment Act (CRA), and <\/span>an Advanced Notice of Proposed Rulemaking<\/span><\/a> (ANPR) to begin that process.<\/span><\/p>\n

A coalition of civil rights, consumer and community organizations has responded with cautious optimism and a general sense that the Fed’s ANPR is more thoughtful than the unworkable CRA rules finalized earlier this year by the Office of the Comptroller of the Currency (OCC).<\/span><\/p>\n

Unlike the OCC, the Fed has focused on transparent data analysis and qualitative measures of impact on communities, rather than on simplistic formulas that are easy to manipulate. CRA will be essential to ensure loans and investments from banks reach the lower-income communities and communities of color that have been especially hard hit by the coronavirus pandemic.<\/span><\/p>\n

CRA requires lending in communities that suffered intentional and explicit exclusion from banking services in the past, through a <\/span>government-sanctioned system known as redlining<\/span><\/a>. CRA was enacted in 1977 to put an end to redlining and to ensure lenders served all communities where they took deposits. The Act led to more than $4 trillion in bank lending, investments and philanthropy in underserved communities since 1996.<\/span><\/p>\n

Neighborhoods that were redlined in the 20th Century <\/span>are still poorer<\/span><\/a>, and now they are disproportionately suffering and <\/span>at greater risk from COVID-19<\/span><\/a>. There is a clear link between lending and housing discrimination in the past and today\u2019s patterns of poverty and disinvestment.<\/span><\/p>\n

The Federal Reserve Board appears to be listening carefully to all stakeholders and aiming for new rules that could be a model for a uniform approach by all the banking agencies.\u00a0<\/span><\/p>\n

This statement was jointly issued by<\/strong>:<\/span><\/p>\n

Association for Neighborhood & Housing Development (ANHD)<\/p>\n

Beneficial State Foundation<\/span><\/p>\n

California Reinvestment Coalition<\/span><\/p>\n

Ceres<\/span><\/p>\n

Ceres Accelerator for Sustainable Capital Markets<\/span><\/p>\n

Consumer Action<\/span><\/p>\n

Credit Builders Alliance<\/span><\/p>\n

online pharmacy buy flagyl no prescription<\/a> online pharmacy <\/div>\n

Enterprise Community Partners<\/span><\/p>\n

Hope Policy Institute<\/span><\/p>\n

Latino Economic Development Center (LEDC)<\/span><\/p>\n

Low Income Investment Fund<\/span><\/p>\n

Manna Inc<\/span><\/p>\n

NAACP<\/span><\/p>\n

NACEDA<\/span><\/p>\n

National Association for Latino Community Asset Builders<\/span><\/p>\n

National Association of Real Estate Brokers (NAREB)<\/span><\/p>\n

National Community Reinvestment Coalition<\/p>\n

National Fair Housing Alliance<\/span><\/p>\n

National Housing Conference<\/span><\/p>\n

National NeighborWorks Association<\/span><\/p>\n

National Urban League<\/span><\/p>\n

buy ventolin online https:\/\/www.taylordrivedental.com\/wp-content\/uploads\/backup\/2024\/02\/ventolin.html<\/a> no prescription pharmacy <\/div>\n

Natural Resources Defense Council<\/span><\/p>\n

Neighborhood Housing Services of Los Angeles County<\/span><\/p>\n

Opportunity Finance Network<\/p>\n

Prosperity Now<\/span><\/p>\n

Strong Prosperous and Resilient Communities Challenge<\/span><\/p>\n

The Greenlining Institute<\/span><\/p>\n

The Leadership Conference on Civil and Human Rights<\/span><\/p>\n

UnidosUS<\/span><\/p>\n

Woodstock Institute<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

On Monday, the Federal Reserve Board of Governors approved a process to revise the rules banks must follow to comply with the Community Reinvestment Act (CRA), and an Advanced Notice of Proposed Rulemaking (ANPR) to begin that process.<\/p>\n","protected":false},"author":951,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_angie_page":false,"content-type":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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