Fair Housing Maryland: 46th Anniversary of Community Reinvestment Act (CRA)

Important Law Against Lending Discrimination Celebrated

The following is from an October 12, 2023 email blast from the National Community Reinvestment Coalition (NCRC) which works to lessen mortgage lending discrimination.

Tomorrow, October 12, the Community Reinvestment Act (CRA) turns 46! As we excitedly await the new federal rule that is both long overdue and essential, we reflect upon what CRA has done in the last four decades, and what it could do for underserved communities all across America with the proper updates and modernization.

Join us tomorrow, all day across all social media platforms, as we acknowledge and celebrate the Community Reinvestment Act. Here are some sample messages and graphic to encourage your participation.

CRA Birthday Toolkit

CRA requires banks to meet the credit needs of all communities, including LMI areas, consistent with the safety and soundness of the banks’ operations. The law created a framework wherein community organizations, banking regulatory agencies and financial institutions interact in assessing how well a financial institution is meeting the needs of disadvantaged communities. This framework has proven critical in promoting greater investment and service in areas that banks might otherwise disregard.

NCRC and our members have used the CRA to negotiate community benefits agreements (CBAs) with 21 different banks, totaling over $574 billion in loans and investments for affordable housing, small businesses, economic development and bank branches in low- and moderate-income neighborhoods and communities of color.

Let’s celebrate CRA and encourage the banking regulators to release the rule we have all been waiting for!

Thanks for all that you do,

Team NCRC