The Hill, April 15, 2022, Why reform a lending law that we may not need at all?
In a March 1 letter to bank regulators, 123 organizations expressed support for seven additions to existing CRA requirements, which focus on lending and other banking services in neighborhoods in which traditional, regulated banks have branches. Led by the National Community Reinvestment Coalition, the letter seeks to add explicit race-based lending requirements to existing CRA clauses because of “persistent and worsening racial inequality”; to reward banks that undertake “environmental remediation for communities of color”; and to “assist in the transition to a net-zero carbon economy.”
