National CAPACD Pushes for a Stronger Community Reinvestment Act
The Community Reinvestment Act (CRA) is a landmark piece of legislation that was enacted in 1977 to combat discrimination in the lending industry. Despite this, there are still significant barriers to accessing quality products and services for low- and middle-income (LMI) communities of color. To address this, federal agencies have released a proposed rule to reform the CRA.
National CAPACD has been hard at work advocating to make this proposal even stronger. On July 13th, our Executive Director Seema Agnani testified at the U.S. House Committee on Financial Services (HFSC) hearing titled Better Together: Examining the Unified Proposed Rule to Modernize the Community Reinvestment Act and recommended equitable Community Reinvestment Act (CRA) policies for AANHPI communities. You can watch a recording of the testimony below.
On August 5th, we submitted a comment letter with detailed recommendations on how this proposed rule can be strengthened to modernize the CRA and expand access to financial services and credit for LMI communities and communities of color. 29 of our members and three national allies joined us by signing on to our letter.
Read the comment letter and see our recommendations for a stronger CRA here.
You can read the joint recommendations we submitted as part of the Building Back Better for Entrepreneurs of Color partnership here.