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Community Reinvestment Act

The Community Reinvestment Act (CRA) requires banking regulators to assess bank and savings associations’ record of helping to meet the credit needs of the communities in which they are chartered. Regulators must also consider an institution’s CRA record when evaluating certain corporate applications.

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 certainty 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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