Comments in Response to the ANPRM on the Community Reinvestment Act [Docket No. R-1723, RIN 7100-AF94]

Abstract

UnidosUS submitted a comment to the Federal Reserve Board in response to their most recent proposal to update and modernized the critical Community Reinvestment Act (CRA). In the 45-year history of the CRA it has played a critical role in extending credit and capital to Latinos – and all communities of color – making home and business ownership available to communities who have historically been excluded from mainstream banking.

Our comment responds to the 99 Questions posed by the Federal Reserve Board, expressing support for many of their objectives aimed at more inclusivity and data collection, while highlighting where more effort to prioritize the needs of the Latino community must be made. This comment outlines UnidosUS’ priorities for the future of CRA.