Yahoo Finance: April 2, 2020, Philanthropic Leaders Call on Regulators to Delay Changes to the Community Reinvestment Act Amid Coronavirus Pandemic
Presidents’ Council on Impact Investing asks regulators to “immediately suspend efforts that could severely undermine the CRA and rob communities of desperately needed support”
The COVID-19 pandemic and the threat of a prolonged recession or even depression will inflict long-lasting damage on our most vulnerable communities, even in a best-case scenario where we can restrain the virus’ spread.
Leaders and institutions are rightfully looking to marshal every available resource to aid our collective response. We must move decisively to keep people in their homes, protect the well-being of those most vulnerable, and prepare businesses to reopen when possible.
“The Community Reinvestment Act is one of the most important tools we have to craft a successful and equitable recovery from our current crisis. CRA regulators recognized as much when they provided temporary clarifications that allow CRA capital to be deployed for emergency response. That was a laudable step, but now is not the time to cast doubt on the availability of these resources by overhauling the entire system.
