Over 50 California Community Groups Tell Bank Regulators to Update the CRA
CRC and 50 of its members sent a comment letter to the Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency as the bank regulators proposed changes to CRA guidance, known as the CRA Questions and Answers. The California letter commended the regulators for honing in on 2 critically important themes: 1) Non urban areas should benefit more from the promise of CRA; and 2)CRA should more clearly encourage banks to support community development and affordable housing development. But California community groups expressed disappointment with the modest way the regulators proposed to address these critical needs, and lamented the failure of the regulators to consider many of the other important issues raised by CRC and members 3 years ago when the regulators held hearings in Los Angeles to consider how to upgrade the CRA. To see the CRA comment letter, click here.
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