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Treasury wants to ‘modernize’ Community Reinvestment Act

Joe Mont | April 4, 2018

The Department of the Treasury has released a report with recommendations for “modernizing” the Community Reinvestment Act. The recommendations this week were issued to the primary CRA regulators, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation. 

Treasury’s stated objective in developing these recommendations “is to better align CRA activity with the needs of the communities that banks serve, while being conducted in a manner consistent with a bank’s safety and soundness.”

“Forty years since the passage of CRA, it is time for modernization to fit today’s banking landscape and community needs,” said Treasury Secretary Steven Mnuchin. “Our recommendations will improve the effectiveness of CRA by enhancing the assessment and examination process, enhancing the ability of banks to deliver services in the...

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