🏦Imagine... How CRA Modernization Can Benefit Indigenous Communities🏦
A more inclusive and responsive Community Reinvestment Act (CRA) that recognizes the unique challenges and opportunities of banking in Indian Country.
Center for Indian Country Development. (2022, January 11). CRA modernization and Indian Country: Banking agencies seek feedback on new rulemaking proposal. Federal Reserve Bank of Minneapolis.
💥 What's the Big Deal:
The CRA is a federal law that encourages banks to meet the credit needs of low- and moderate-income communities.🙋♂️ However, the current CRA framework does not adequately reflect the realities of banking in Indian Country, where many areas lack access to basic financial services. 💼 The proposed rulemaking aims to address this gap by clarifying how banks can earn CRA credit for activities in Indian Country, such as lending, investing, and providing financial education. 🏹This could potentially increase the availability and affordability of capital for Native communities and businesses, as well as foster stronger relationships between banks and tribal governments.