September 21, 2020

ABA: Statement on the Federal Reserve’s ANPR to Modernize CRA Rules

“Today’s Advanced Notice of Proposed Rulemaking is an important step toward modernizing the Community Reinvestment Act in a manner that benefits communities and provides banks with regulatory clarity going forward. While we are still reviewing the ANPR with our members, we appreciate the Fed’s measured, research-based approach to formulating this critically important rule.

“As the process moves forward, it is our hope that all three federal banking agencies will work toward a unified CRA framework featuring clear and concise rules for all banks that will stand the test of time. Joint regulatory action will prevent confusion and avoid unintended consequences for banks and the communities they serve. This is critically important as the banking industry works to meet the needs of low- and moderate-income communities and address inequities in access to credit. We look forward to joining other stakeholders in providing constructive input on this proposal.”

This post was originally published here.