The final version of federal bank regulators’ latest attempt to bring the nation’s anti-redlining rules into the 21st century has been revealed after the Federal Reserve Board of Governors voted Tuesday to issue a final rule revamping its Community Reinvestment Act regulations.
Isabel Cruz is a familiar face to some in the housing advocacy world from her time at MHP. Now, she’s taking that experience to lead Boston-area CRA work at M&T Bank as it looks to build on the work of the former People’s United Bank.
One element of proposed Community Reinvestment Act regulation changes will be earth-quaking and will have profound consequences for many banks’ CRA performance.
The latest attempt to renovate the Community Reinvestment Act could pose serious challenges for larger banks that have used online lending to find business over a wide area.
Banking trade groups say the latest CRA reform will put smaller lenders at a disadvantage. And advocacy groups think it doesn’t go far enough to help correct redlining’s racial legacy.
The first update to regulations implementing the Community Reinvestment Act in almost 20 years. Smaller lenders could see requirements tailored to their size, business model and local conditions.
Federal prosecutors have launched a new initiative targeting “modern-day redlining” by residential mortgage lenders.
One of the state’s two major affordable housing and homeownership finance organizations has landed a major contribution that it says will help support a range of housing priorities.
The Office of the Comptroller of the Currency plans to revert back to the 1995 version of the Community Reinvestment Act rule and rescind the update issued last year.
The yearslong effort to update the Community Reinvestment Act will continue, this time with the three federal banking regulators working together, a move supported by both banks and community organizations.
The regulator wants feedback from banks before creating new performance standards for its controversial revamp of the anti-redlining law.
Another attempt to overhaul the Community Reinvestment Act moved forward yesterday as the Federal Reserve released its proposal to modernize the legislation that encourages financial institutions to meet community credit needs.
Community groups like the National Community Reinvestment Coalition, the California Reinvestment Coalition and legal oversight group Democracy Forward say the Trump administration has been keen on gutting the CRA.
As banks have sought opportunities to satisfy Community Reinvestment Act requirements by lending in low- and moderate-income communities, affordable housing organizations have found willing partners for their projects.
Banks responding to the needs of low- and moderate-income communities during the economic crisis caused by the coronavirus will receive credit for these activities under the Community Reinvestment Act, according to a joint statement from the three federal bank regulators.
The Trump administration’s moves to change – some say “gut” – the nation’s fair housing policies may have awakened a sleeping giant.
The FDIC and Office of the Comptroller of the Currency have changed course and extended the public comment period for proposed changes to the Community Reinvestment Act.
If adopted, the rules would clarify what qualifies for credit under the CRA and where it qualifies. CRA regulations were adopted in 1977, and the last substantive changes were in 1995.
For more than a decade a different kind of university, for no charge, has taught thousands of students how to start a small business or just open a bank account; how to buy a house, borrow money, save for college, avoid payday lenders and rental furniture – and even become an American citizen.
When Berkshire Bank’s Malia Lazu talks about entrepreneurship, she evokes a kitchen table, the place where family members and friends first talk about investing in the business. For entrepreneurs of color, the wealth gap between whites and people of color in America means these conversations, and the business itself, often never happen.
