CRA Modernization

The Community Reinvestment Act was signed into law in 1977 to ensure banks continued serving the financial needs of their communities. The regulations have only been significantly amended once, in the mid-1990s, before smartphones and other modern banking advancements. CRA needs to be modernized to continue working as it was intended. Banks currently invest more than a $100 billion each year into low- and moderate-income neighborhoods through CRA and other projects. Modernizing the Community Reinvestment Act will ensure those investments reach more people and communities in need. 

To successfully modernize CRA, we believe regulators should: Provide clarity and certainty in CRA-eligible activities; Account for digital transformation and customer preference; Permit more flexibility to invest where there is need; Provide optionality for business models and strategies; and, Provide timely performance reports.

With the resources below, you can learn more about CRA and how it should be updated to reflect modern banking practices as well as consumer demands.

 

 

 

 

 

 

 

 

 

 

 

 

Click on the images below to hear directly from CRA practitioners about the benefits their bank's CRA projects have provided communities and how modernizing CRA would allow those projects to help more people. The views expressed in these videos are those of the individual speakers specifically focused on the role and importance of CRA.

 

 

Joy Hoffmann

SVP, Community Reinvestment Act Officer

Bank of the West

Charles Mapson

Executive Director, Bank Compliance

USAA Federal Savings Bank

Sue Whitson

VP, CRA Governance Manager

BMO Harris Bank

 

Chair, CBA Community Reinvestment Committee

 

 

 

ADDITIONAL RESOURCES

 

Comment Letter:

 

Op-Eds:

 

Press Releases:

 

CBA in the News:

 

 

CBA Community Reinvestment Committee Member Banks:

  •    Ally Bank
  •    Associated Bank
  •    Bank of America
  •    Bank of Hawaii
  •    Bank of the West
  •    Bank OZK
  •    Banner Bank
  •    BB&T Corporation
  •    BBVA Compass
  •    BMO Harris Bank
  •    Capital One Financial 
  •    Chase 
  •    CIT Bank, N.A.
  •    Citigroup Inc.
  •    Citizens Financial 
  •    Comenity Bank-Alliance Data
  •    Comerica Bank
  •    Crescent Bank & Trust
  •    Discover Financial 
  •    Eastern Bank
  •    Fifth Third Bancorp
  •    First Tennessee Bank
  •    Flagstar Bank
  •    Frost Bank
  •    Hancock Whitney Bank

 

  •    HSBC USA
  •    Huntington Bancshares Inc.
  •    IBERIABANK
  •    KeyBank
  •    M&T Bank
  •    MUFG Union Bank
  •    PNC Bank
  •    Rabobank
  •    Regions Bank
  •    Rockland Trust
  •    Santander Bank
  •    SunTrust Banks
  •    Synchrony Financial
  •    Synovus Financial 
  •    TCF Financial 
  •    TD Bank
  •    TIAA Bank 
  •    U.S. Bank
  •    Union Bank & Trust
  •    United Bank
  •    USAA Federal Savings Bank
  •    Webster Bank
  •    Wells Fargo Bank
  •    Woodforest National Bank
  •    Zions Bancorp