The Community Reinvestment Act was enacted in 1977 with a worthy goal of encouraging banks to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. The rules implementing CRA, however, have not kept pace with the digital revolution and evolving customer preferences. This has prompted a regulatory review of the best way to modernize the CRA regulations.
ABA strongly supports updating CRA and has urged regulators to: reflect changes in technology, increase certainly and transparency regarding regulatory interpretations and standards, improve the supervisory process, and apply CRA-like requirements to other financial firms, including credit unions.
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