🏦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.
🔗 Link:
📚 Source:
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.
#federalreserve,#CRA,#capacitybuilding,#rulemaking,#EconomicDevelopment,#IMSPARK,
