Letter to the Federal Reserve Board of Governors, the Comptroller of the Currency and the Federal Deposit Insurance Corporation regarding Notice of Proposed Rulemaking on the Community Reinvestment Act

2019
|   By
Krista D’Alessandro ,
Enterprise Community Partners, Inc.
CRA Letter
Description

On September 9, Enterprise and 27 other community development stakeholders signed-on to a letter to the Federal Reserve Board of Governors, the Comptroller of the Currency and the Federal Deposit Insurance Corporation regarding their Notice of Proposed Rulemaking (NPE) on the Community Reinvestment Act (CRA), which encourages financial intuitions to meet the credit needs of low- and moderate-income (LMI) neighborhoods. In the letter, Enterprise and other stakeholders encourage the three regulators to agree on a common NPR so that regulations remain consistent and equitable within LMI communities. They also urge regulators to include in their NPR well-designed metrics that provide greater clarity, consistency, and transparency for banks, which will ultimately impact LMI borrowers.

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