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Statement

ABA Welcomes Treasury Department Report on Modernizing the Community Reinvestment Act

“We welcome the Treasury Department’s review of the 40-year old Community Reinvestment Act and its call for modernizing the administration of CRA so it reflects the current lending environment. Adjustments that enhance the transparency, consistency and predictability of the supervisory process — and that recognize the many ways banks meet the credit needs of the communities they support — will help institutions better serve their customers and promote economic growth.
 
“We’re pleased that this report recognizes changes in mobile technology and the many innovations banks have developed to serve their customers. In short, CRA needs to catch up with modern banking methods and behaviors.
 
“This report is an important step and incorporates a number of the recommendations made in the white paper ABA submitted to Treasury Secretary Mnuchin in December. We look forward to learning more about Treasury’s recommendations and working with banking regulators to implement changes that will enhance CRA’s role in promoting economic growth.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $18 trillion banking industry, which is composed of small, regional and large banks. Together, America’s banks employ more than 2 million men and women, safeguard $14 trillion in deposits and extend more than $10 trillion in loans.

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Mike Townsend

(202) 663-5471

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