In May 2022, notice of Proposed Rulemaking to strengthen and modernize the Community Reinvestment Act (CRA) was issued by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board of Governors, and the Federal Deposit Insurance Corporation (FDIC). The Community Reinvestment Act was enacted in 1977 to address redlining and other discriminatory practices within financial institutions. The last update was 25 years ago, and as banking has evolved over the decades, it is imperative to strengthen CRA to ensure financial institutions meet the modern investment needs of low- and moderate-income neighborhoods.
Join Georgia ACT and SC Association for Community Economic Development as we review CRA, discuss how the proposed rule changes will impact the community economic development industry, and how community organizations can submit commentary before the August 5, 2022 deadline.
Speakers:
Josh Silver, Sr. Advisor, Policy, National Community Reinvestment Coalition
Frank Woodruff, Executive Director, NACEDA
Hosted by: Georgia ACT & SC Association for Community Economic Development (SCACED)