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We Need Your Help to Protect the Community Reinvestment Act.
Earlier this year, federal banking agencies issued a Proposed Rule that would significantly undermine the Community Reinvestment Act (CRA). If finalized, this rule would make it harder for underserved communities to access safe and affordable credit and banking services.
Prior to making a final decision on the rule, the agencies have opened a comment period to allow advocates and other stakeholders to offer feedback until Wednesday, April 8, 2020. Please take a moment to read Prosperity Now's comment letter and sign your organization on by 12 p.m. ET on Wednesday, April 8.
As a response to the COVID-19 pandemic and its widespread uncertainty, we’re also calling on Congress to urge these agencies to suspend the comment period until this crisis has ended. Please take two minutes and use the link below to call your Members of Congress. There is a script provided for your convenience.
The mission of the CRA is to ensure families and communities have access to safe credit, as well as good banking products and services in their neighborhoods. Unfortunately, in too many communities across the United States, lack of access to credit impedes families’ abilities to secure housing and economic opportunity. The impediments disproportionately impact families and communities of color, further exacerbating the racial wealth divide and other inequities in the United States. Unfortunately, the proposal from federal banking agencies will aggravate the lack of access to credit and banking services, which contradicts the letter and spirit of the 1977 statute.
We hope you'll join us in commenting on these regressive actions. Please contact Doug Ryan if you have additional questions about this rule.
