Waters Introduces Legislation to Strengthen CRA in Low-Income Communities of Color
Rep. Maxine Waters, D-California, today introduced legislation to update the Community Reinvestment Act (CRA) to include provisions to provide local communities with more say on banks’ CRA exams and activities and require CRA exams to evaluate bank lending done in partnerships with nonbanks and fintechs. H.R. 8833, the Making Communities Stronger Through the Community Reinvestment Act also encourages lenders to make more mortgages of less than $100,000 and to better record data to identify ongoing discrimination or racial disparities, with a pathway to consider the information on future CRA exams.
Revisions to the CRA will be discussed at Novogradac’s fall conferences.