Updates of Community Reinvestment Act Will Create a More Inclusive Financial System
WASHINGTON, DC – Federal banking regulators today passed updates to the Community Reinvestment Act (CRA), one of the seminal pieces of legislation to address systemic inequities in access to credit. The Comptroller of the Currency, Federal Reserve System and Federal Deposit Insurance System made the revisions to increase transparency and bring the regulatory system in-line with modern banking practices, including the rising use of mobile and online banking and lending. “All Americans deserve an inclusive financial system that helps them realize their dreams,” said Mitria Spotser, vice