The three federal regulators—FDIC, Federal Reserve Bank, and OCC—have released their final proposal to update the Community Reinvestment Act (CRA), with comments due by August 5, 2022. Enacted in 1977, the CRA has been an essential way to incentivize equitable investment by financial institutions in low-income communities and communities of color. The last rule updates occurred almost 3 decades ago despite significant changes in banking and lending since then. Join Housing Action Illinois, Woodstock Institute, and the IL CRA Coalition to learn how we got to this important rule update, what our priority issues are, and how you can speak up to help ensure that low-income communities and communities of color are the focal point of CRA.
For those new to CRA, please visit www.ILCRACoalition.org to learn more about this civil rights era law and its implementation.