The Federal Reserve System Community Development Child Care Work Group* had a discussion about Community Reinvestment Act (CRA) modernization and early care and education on January 19, 2021.
Enacted in 1977, the CRA encourages banks to help meet the credit needs of the communities in their geographic area, including low- and moderate-income communities. This webinar explored the conditions in which bank loans, investments, and services in the early care and education sector may qualify as community development according to the CRA. Presenters also discussed how early care and education providers and stakeholders may engage banks in potential CRA-related activities and shared information on how stakeholders can provide written comments on the Federal Reserve’s CRA Advance Notice of Proposed Rulemaking through February 16, 2021.