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Amplifying community voices in the Community Reinvestment Act: Background on the Advance Notice of Proposed Rulemaking

January 26, 2021 | 1:00 – 2:15 p.m. CT
Virtual video event

Amplifying community voices in the Community Reinvestment Act: Background on the Advance Notice of Proposed Rulemaking

The Federal Reserve Bank of Minneapolis invites you to join us on January 26, 2021 for a discussion about how the proposed modernization of the Community Reinvestment Act (CRA) could present opportunities to more effectively meet the needs of low- and moderate-income households and communities.

Enacted in 1977, the CRA encourages banks to help meet the credit needs of low- and moderate-income communities and households in their geographic area. The Board of Governors of the Federal Reserve System is seeking feedback on modernized CRA regulations. At this virtual event, Federal Reserve Bank of Minneapolis staff will both listen to community comments and share information on how stakeholders can provide written comments directly on the Federal Reserve’s CRA Advance Notice of Proposed Rulemaking.

Your feedback on the modernization process will help us ensure that regulatory changes lead to a more effective CRA.

Event Details

Virtual video event

Event Agenda

Tuesday, January 26, 2021
1:00 p.m. CT Welcome

Alene Tchourumoff, Federal Reserve Bank of Minneapolis
1:05 p.m. CT A primer on the Community Reinvestment Act

Molly Majerle, Federal Reserve Bank of Minneapolis
1:20 p.m. CT Introduction to the CRA Advance Notice of Proposed Rulemaking and how to comment

Michael Grover, Federal Reserve Bank of Minneapolis

1:35 p.m. CT Audience discussion

How could CRA modernization most effectively:

  • Strengthen CRA regulatory implementation in addressing ongoing systemic inequity in credit access for minority individuals and communities?
  • Encourage economic development activities that help attract and retain existing and new residents and businesses to benefit low- and moderate-income individuals and communities?
  • Define ‘‘essential community needs’’ and ‘‘essential community infrastructure’’?
  • Direct community development activities to designated areas of need, thereby encouraging access to credit for underserved or economically distressed communities of color?

Facilitated by Libby Starling, Federal Reserve Bank of Minneapolis

2:15 p.m. CT Adjourn

More on the Community Reinvestment Act

Overview of the Community Reinvestment Act

What is the Community Reinvestment Act? (seven-minute video)

Advance Notice of Proposed Rulemaking