Stakeholder Feedback on Modernizing the Community Reinvestment Act was published by the Board of Governors of the Federal Reserve System in June 2019.
The Community Reinvestment Act (CRA) regulations are a critical tool for encouraging investment in low- and moderate-income (LMI) communities and promoting economic development. However, much has changed since the CRA was enacted in 1977— including technology-driven innovations in financial services. The Federal Reserve and other federal banking regulators are engaged in efforts to strengthen and modernize the CRA. As part of this process, the Federal Reserve System1 sought feedback from a variety of groups — including bankers and local community groups.
This report summarizes feedback received during the Federal Reserve’s roundtable outreach initiative.