BET, November 16, 2023, What’s In The New CRA Rules That Are Intended Finally To End Discriminatory Lending Practices?
Federal banking regulators are attempting to update a policy that has, over time, not lived up to its design to make homeownership and wealth creation more accessible for African Americans. The plan is to get banks to comply with new rules that will break down the barriers to lending and end racial disparities.
Jesse Van Tol, president and CEO of the National Community Reinvestment Coalition, applauded the CRA revision, calling it “ long overdue and essential” in a statement.
“Today’s new rules expand CRA to reflect society’s broader understanding of the nature of economic injustice. Discrimination not only made non-White America poorer – it shortened lifespans, raised rates of serious disease and left communities more vulnerable to the mounting climate crisis. Banks will now be encouraged to invest in projects that address these aspects of American inequality as well,” the statement read.
