A trade association is organizing an email campaign to fight proposed changes to rules that require banks to lend money in underserved communities.
The National Community Capital Association, a network of community development financial institutions, developed the SaveCRA website last year to oppose proposed changes to rules governing the Community Reinvestment Act.
The act, passed in 1977, requires banks to invest in the communities from which their deposits come, with thresholds of participation based on banks’ asset sizes.
The changes proposed by the Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, would weaken the requirements, the association says, by raising asset thresholds for banks.
Such changes would result in less investment in struggling communities throughout the U.S., many of which rely on CRA funding for affordable housing, community services, economic development and small business loans, the association says.
It is asking that emails be sent to the appropriate government agencies by May 10, the end of the formal comment period.