Take Action to Protect CRA Investment in Low-Income Communities
Recently proposed changes to the Community Reinvestment Act (CRA) could redirect billions of dollars in lending and investment away from low-income and minority communities. Currently, banks meet CRA requirements by providing capital for affordable housing, small businesses, and economic development in low- and moderate-income communities.
Now, a Trump administration appointee is proposing rule changes that could redirect these funds to sports stadiums, roads, bridges, and other infrastructure projects. The proposal would make redlining legal again by permitting banks to avoid investment in low-income and minority neighborhoods. It would make banks far less accountable and connected to the communities they are required to serve.
These rule changes will make it even more challenging for the communities we serve to survive and recover from the COVID-19 pandemic.
Comments are due by April 8, 2020.
Additional background information and resources are available from our national partners at the National Community Reinvestment Coalition and the National Alliance of Community Economic Development Associations.
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