Ceres calls on federal banking regulators to strengthen racial and climate equity in the Community Reinvestment Act
BOSTON, Aug. 5, 2022 /PRNewswire/ -- Ceres submitted comments today to the Fed, the FDIC, and the OCC urging the agencies to modernize the Community Reinvestment Act (CRA) by explicitly incorporating racial equity and strengthening environmental and climate provisions. This NPR represents the most significant changes to the CRA regulations in over 20 years.
The CRA requires federal banking regulators to encourage financial institutions to help meet the credit needs of the communities in which they do business, with a focus on low- and moderate-income (LMI) neighborhoods. Ceres' submission is in response to requests for comments on the interagency notice of proposed rulemaking (NPR) on updating the CRA.
"Climate change exacerbates racial and economic inequality and frustrates the purpose of the CRA to end the nation's long and painful history of lending discrimination against and the resulting disinvestment in communities of color and other financially vulnerable communities," Ceres wrote in its comments.
Ceres recommends the rule contains the following provisions:
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