FOR IMMEDIATE RELEASE
August 9, 2022
Contact: Andrew Bradley | (317) 222-1221 x403 | abradley@prosperityindiana.org
Prosperity Indiana Comments to Federal Regulators to Strengthen and Modernize the Community Reinvestment Act
INDIANAPOLIS, IN - On August 5, Prosperity Indiana submitted the attached comments on the notice of proposed rulemaking (NPR) concerning the Community Reinvestment Act (CRA) regulations to federal regulators at the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System, informed by our statewide membership and national partners:
To Whom It May Concern:
Prosperity Indiana and our statewide network of nearly 200 community economic development organizations appreciate the opportunity to comment on the Notice of Proposed Rulemaking for the Community Reinvestment Act. We also respect the open approach regulators have taken the last several years, carefully considering feedback from a wide range of stakeholders, including those working on the front lines of community economic development and representing the Americans most impacted by the decisions you will be making regarding strengthening the CRA.
This is the right moment to modernize CRA for the needs of the 21st Century. At its core, the proposed CRA rule is a marked improvement over the status quo. However, the proposed rule is far from ambitious compared to the need that Prosperity Indiana and our members and partners see throughout the state and the nation...
Prosperity Indiana believes the NPR is a good start and promises to make parts of CRA exams more rigorous, but we urge the agencies to extend the rigor of the large bank lending test to the other tests. We also ask the agencies to incorporate race in CRA exams, to expand the public reporting of their data collection proposals, to bolster their assessment area proposal to make sure that smaller communities are not left out and to refrain from reducing reinvestment requirements for any segment of banks. If CRA is improved while maintaining public input and accountability, we believe the proposed rule could help reduce inequalities, disinvestment and other disadvantages in America’s overlooked communities."
Click here to read the full Prosperity Indiana comments on the proposed CRA rule.
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About Prosperity Indiana
The Indiana Association for Community Economic Development d/b/a Prosperity Indiana builds a better future for our communities by providing advocacy, leveraging resources, and engaging an empowered network of members to create inclusive opportunities that build assets and improve lives. Since its founding in 1986, Prosperity Indiana’s network has grown to nearly 200 organizations, representing thousands of practitioners statewide from the public, private, and nonprofit sectors.
