Call to Action Letter: Community Reinvestment Act Regulations

To submit comments, the following advice is recommended.

1. 1. On behalf of your organization, submit comments by February 16, 2021 to the Federal Reserve Board. Utilize National Disability Institute’s (NDI) comments, all or in part. NDI’s comments offer specific targeted recommendations and responses to specific questions posed by the ANPR.
   2. You may submit comments, identified by Docket No. R-1723 and RIN 7100-AF94, by any of the following methods:

Agency Website: http://www.federalreserve.gov.
Follow the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx. Scroll down to read the announcement and click Regulation BB: Community Reinvestment Act [R-1723]. To submit your comments, click the Submit button and fill out the form. Please note: This form accommodates text-only comments. Comments that contain attachments or embedded graphics or links should be submitted in writing or via email (contact details are included in each proposal). Please be sure to include the name of the proposal and the docket number (if any).

Email: comments@federalreserve.gov.
Add “Docket No. R-1723 and RIN 7100-AF94” in the subject line of the email.

FAX: (202) 452-3819 or (202) 452-3102.

Mail: Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551.

1. 3. Your comments should begin with a paragraph about who you are (organization) and who you represent (people with disabilities, service providers, financial institutions, etc.).
   4. If you have any questions, please email Michael Morris (mmorris@ndi-inc.org).
   5. Please copy Michael Morris on your comments so we can track responses.
   6. All public comments are posted at the Board’s website https://www.federalreserve.gov/apps/foia/proposedregs.aspx.

To: Board of Governors of the Federal Reserve System

RE: Advance Notice of Proposed Rulemaking, Community Reinvestment Act Regulations – Docket No. R-1723 and RIN 7100-AF94

January 21, 2020

To Whom It May Concern:

The Board of Governors of the Federal Reserve System’s (Board) Advance Notice of Proposed Rulemaking (ANPR) to reform the Community Reinvestment Act (CRA) ignores the importance of including low- and moderate-income (LMI) people with disabilities in as a key target audience for qualified CRA investing, lending and services. For too long, people with disabilities in LMI neighborhoods have not been a focus of CRA activities nor been part of the performance evaluation process. As a result, {Organization Name} strongly recommends that the ANPR be revised to address the financial and economic needs of low- and moderate-income people with disabilities.

{This would be a great place to add something personal about why including people with disabilities in the CRA is important.}

People with disabilities are more likely to be low- or moderate-income than those without disabilities. More than 60 percent of adults with disabilities are considered LMI and many live in LMI neighborhoods. People with disabilities are often excluded from mainstream financial services. They are less likely to be banked or have access to mainstream credit. If revised with attention to the comments below, the proposed rule changes to the CRA have the potential to address the needs of this underserved population.

We are particularly concerned about the following five key issues:

• The ANPR does not require banks to disaggregate reporting data by gender/race/ethnicity or disability, thereby failing to compel banks to address the historical lack of access and equitable treatment of sub-populations of the LMI community.
• The ANPR discusses the applicability of other relevant laws that address discrimination, but fails to include the Americans with Disabilities Act (ADA). This oversight continues the lack of attention to this most economically vulnerable population and their financial and economic needs. Since the passage of the ADA, financial institutions have, in multiple court cases, been found in violation of the ADA for lack of website accessibility and discriminating practices regarding access to credit.
• Performance measurement and metrics must draw specific attention to the economic needs of LMI people with disabilities and impact performance scores. No bank should receive an outstanding rating without both the Community Development and Retail Services Subtests demonstrating a direct response to identified community needs of LMI people with disabilities. Quantitative and qualitative data should be identified and analyzed regarding utilization of retail banking products and services and community development financing that directly responds to needs of LMI individuals with disabilities within and across assessment areas.
• A qualifying illustrative list of CRA activities should be included in the final rule that contains specific examples of LMI people with disabilities benefitting from investments, lending and/or service activities. Such a list would begin to provide regulated financial institutions specific ways to meet the needs of this underserved population. Such a list could be developed with input from the disability and financial communities.
• Banks should receive CRA credit for investment in workforce development activities including apprenticeships, internships, on-the-job skills training and skill certifications that are vitally important to many LMI populations, including those with disabilities. Workforce development activity should be identified separately, rather than simply as a subpart of economic development activities. In light of millions of job losses due to COVID-19, an emphasis on workforce development activities deserves specific attention for CRA credit.

Vibrant communities are best supported when economic opportunities are inclusive of LMI populations, including people with disabilities. Unless the challenges of LMI people with disabilities are intentionally addressed, people with disabilities will be unintentionally excluded from the financial system and overlooked as a target of community development activities.

The Board needs to revise the ANPR in its current form and offer, for the first time, a set of rules that responds to improved financial inclusion and economic stability for low- and moderate-income people with disabilities.

Thank you for your attention to and support of our comments.

Sincerely,

Name

Job Title

Name of Organization