Better Markets, February 25, 2021, Fed Must Improve, Update CRA for Underserved Communities
In a comment letter to the Federal Reserve, Better Markets commended the agency for its plans to modernize bank rules for underserved communities but said the Fed must commit to some core principles as it develops a new rule.
The Federal Reserve must do everything in its power to ensure that the CRA’s provisions are implemented and enforced so that vulnerable American’s are not excluded from the many benefits of the financial system, including reducing inequality, building wealth and seizing economic opportunities.
In addition to filing our comment letter, Better Markets joined excellent sign-on letters addressing the Fed’s request for comment, which were led by the National Community Reinvestment Coalition as well as Americans for Financial Reform. Read the NCRC letter and the AFR letter for more information.
