Federal Agencies Called Upon to Regulate Banks by Consumer Advocate Groups
Bank Products Must be Fairly Priced and Meet the Needs of Low-Income People…
As regulators conduct public hearings, community groups call for better enforcement of law to hold banks accountable.
In what is the first public opportunity to assess banking regulations left out of the recent financial reform bill passed by Congress, the federal financial regulators are holding the final of four hearings across the U.S. about the Community Reinvestment Act (CRA) in Los Angeles on Tuesday, August 17. While many consumer protections were included in the recent Dodd-Frank Act, there have been no major changes to the CRA for a decade and a half despite various shifts in the lending industry and financial landscape. CRA has been the key positive force assisting low-income neighborhoods and neighborhoods of color to access mainstream financial institutions.
The California Reinvestment Coalition (CRC) and our allies are organizing public testimony from small business owners, community financial lenders and organizations and concerned citizens to identify critical gaps in the current law. Groups are urging regulators to strengthen oversight and enforcement of the Community Reinvestment Act as a way of assisting in the much needed economic recovery. Lack of strong enforcement of CRA enabled reckless and predatory practices that have devastated thousands of families, businesses and neighborhoods in our state.
Full article: Federal Agencies Called Upon to Regulate Banks by Consumer Advocate Groups
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Tags: California Reinvestment Coalition, Community Reinvestment Act, Congress, CRA, CRC, Dodd-Frank Act, Federal Financial Regulators
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