Equitable Development
Federal Reserve Governor Lael Brainard shares her views on why it's the right time to modernize the Community Reinvestment Act.
In the 40+ years since the CRA was enacted in 1977, the way banking is conducted has changed. It's just one reason the Fed is looking to update the regulation we use to evaluate banks under the law.
Congress enacted the Community Reinvestment Act in 1977, requiring banks to reinvest in the communities in which they operate. Here's why the law was needed and why it's still relevant today.
Throughout 2020, the Federal Reserve surveyed nonprofits, financial institutions, government agencies, and other community organizations to understand the effects of COVID-19 on low- to moderate-income communities and the entities serving them. Here's what they found.
