Business
After nearly two years of anticipation, financial regulators unveiled their proposal in December to reform how they implement the Community Reinvestment Act and is now taking comments on these recommended changes through March 9th, 2020. The plan will overhaul CRA assessment boundaries, criteria for activities earning credit in CRA exams and how banks are scored overall for their performance. If finalized, the proposal would be the first significant update to the 1977 law in over two decades. While the plan has carve-out for banks with under $500 million of assets it may have a significant impact on the more than 650 financial institutions in the U.S. between $500 million and $1 billion in assets. In this episode of ElevateTALKS CRA authority, Linda Ezuka joins host Michael Delucchi and discusses the current state of CRA reform, some of the key changes within the proposed rules, and how they may impact community banks.