PNC Bank and the National Community Reinvestment Coalition (NCRC) announced today the creation of a four-year, $88 billion community benefits plan that will increase financial resources to low- and moderate-income (LMI) people and communities across the bank’s entire national footprint.
Strengthening and expanding the reach of the Community Reinvestment Act and duties to serve throughout the financial sector has to be at the forefront of policy questions about racial equity, the racial wealth gap and expanding financial inclusion for lower income communities.
In a previous article, I described how some big issues on reforming the Community Reinvestment Act (CRA) exposed a considerable difference of views among community groups and the banking industry. However, there was some convergence of views on a series of other important issues, including performance measures and ratings categories. On these issues, the remaining differences appear to be manageable.
DOWNLOAD FULL COMMENT Overview and introduction Docket Number R-1723 and RIN Number 7100-AF94 To Whom it May Concern: The National Community Reinvestment Coalition (NCRC) appreciates the thoughtfulness of the Federal Reserve Board’s (Board) approach to modernizing the regulations implementing the Community Reinvestment Act (CRA). NCRC is an association of community-based organizations whose mission is to …
(Download) Docket Number R-1723 and RIN Number 7100-AF94 To Whom it May Concern: The Federal Reserve Board (Fed) must strengthen the rigor of CRA exams to promote recovery from the COVID-19 pandemic. The Fed has described approaches in its Advance Notice of Proposed Rulemaking (ANPR) on CRA that will make CRA exams more objective and …
(Download) February 16, 2021 Ann E. Misback, Secretary Board of Governors of the Federal Reserve System 20th Street and Constitution Ave. NW Washington, DC 20551 RE: Docket Number R-1723 and RIN Number 7100-AF94 Dear Ms. Misback: In its October 2020 Advance Notice of Proposed Rulemaking (ANPR), the Federal Reserve Board (FRB) invited public comment on …
“The harm caused by the Trump Administration’s unlawful evisceration of anti-redlining rules is real and urgent. We are pleased the court rejected the Trump Administration’s shameful attempt to evade accountability for gutting a crucial anti-redlining law. We will continue to press forward in our case to protect marginalized communities and return the protections of the Community Reinvestment Act from the Trump Administration’s continued unlawful grip.”
Access to housing, jobs, transportation, education, healthy food and recreation are the building blocks for a healthy community, outside of clinical care. Working with banks to support those building blocks is supported by a robust CRA.
This week, the Federal Deposit Insurance Corporation (FDIC) announced a final rule on industrial banks and industrial loan companies (ILCs), allowing nonbank parent companies to apply for and receive ILC charters, enabling these lenders to make loans across the country with narrow and insufficient community reinvestment obligations.
Yesterday, the Office of the Comptroller of the Currency (OCC) released a proposed rule for establishing the Community Reinvestment Act (CRA) evaluation measure thresholds, retail lending distribution test thresholds, and community development minimums under the general performance standards set forth in the agency’s 2020 final rule.