What bankers want from CRA reform

News

Richard Hunt

rhunt@consumerbankers.com
November 8, 2018

Congress enacted the Community Reinvestment Act in 1977 to ensure banks continued serving the financial needs of their communities. Through CRA and other projects, banks are now investing more than a $100 billion each year into low- and moderate-income neighborhoods.

Banks believe in their CRA projects and are proud of the work they do. In fact, about 95% of banks currently pass their CRA examinations. Many people look at that and ask, “Why do banks want to change it?”