Save the Community Reinvest Act (CRA) at the 11th hour
Philadelphia-based National Community Capital Association (NCCA) President and CEO Mark Pinsky held a press conference via phone today to discuss the pending Federal Deposit Insurance Corporation (FDIC) rule that, if passed, would allow 1,100 smaller U.S. banks to reduce support of the Community Reinvestment Act (CRA). Currently small and medium-size banks have responsibilities to support low-income housing, and community and economic development projects. According to the NCCA, under the proposal, FDIC-regulated financial institutions with assets between $250 million and $1 billion will no longer be accountable for the number of investments and services provided to low- and moderate-income communities. Pinsky said, “We’re talking about saving the future supply of low income housing for poor and struggling rural communities.” The NCCA president urged people to visit www.savecra.org for more information and to submit comments to the FDIC before deadline next week. www.savecra.org