CBA Statement on Federal Reserve CRA Vote

September 21, 2020
Nick Simpson

CBA Statement on Federal Reserve CRA Vote

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after the Federal Reserve Board of Governors released an advance notice of proposed rulemaking for its modernization of the Community Reinvestment Act:

 

“Banks currently invest nearly $500 billion each year into low- and moderate-income neighborhoods through CRA and other projects. While we are still reviewing the details, it is encouraging the Federal Reserve has taken a step toward modernizing the decades-old CRA regime to account for the changing needs of communities and to ensure banks can continue serving their communities.

 

“CBA looks forward to working with the Fed during its rulemaking process with the goal of bringing transparency, consistency and certainty across CRA frameworks.”

 

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.