💼IMSPARK: How the New CRA Rule Benefits Native Communities 💼

💼Imagine... How the New CRA Rule Benefits Native Communities 💼

💡 Imagined Endstate: 

Native communities have greater access to banking services, community development financing, and affordable housing through the modernized CRA regulations.

 🔗 Link: 

This page

📚 Source: 

Kokodoko, M. (2023). How the new CRA rule benefits Native communities. Federal Reserve Bank of Minneapolis. 

💥 What’s the Big Deal:

The new CRA rule introduces Native Land Areas (NLAs) as a category of eligible community development 🏠 that recognize the unique challenges and needs of Native communities. Banks can now receive CRA credit for activities in NLAs,💰even if they are outside of their assessment area. 🌱This could increase the availability of financial resources and opportunities for Native communities. 

#financialstability,#BusinessSupport,#CDFI,#CRA, #NativeLandAreas, #NLA,#IMSPARK,