The Board of Governors of the Federal Reserve System issued an Advanced Notice of Proposed Rulemaking (ANPR) to modernize the regulation used to implement the Community Reinvestment Act (CRA). The ANPR offers the Fed’s approach to strengthening, clarifying and updating the regulation to reflect modern banking and credit access needs, while maintaining its core purpose. The notice is open to public comment for 120 days on the Federal Register, and all comments must be received on or before Feb. 16, 2021.
To learn more about the ANPR, access fact sheets and find links to the Federal Register notice, please visit the Federal Reserve Board’s announcement.
The CRA, enacted in 1977, requires federal financial regulatory agencies to encourage regulated financial institutions to help meet the credit needs of their local communities, including low- to moderate-income neighborhoods.
Learn more about the CRA and how the St. Louis Fed supports depository institutions and the public in identifying credit needs within communities—along with responsive ways to meet these needs.
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Key findings from the Fed’s COVID-19 CDFI Survey are now available.
From mid-July through mid-August 2020, the Federal Reserve fielded the COVID-19 CDFI Survey in partnership with the CDFI Fund, Opportunity Finance Network, the CDFI Coalition, the Native CDFI Network, the Community Development Bankers Association, Inclusiv, First Nations Oweesta Corporation, NeighborWorks America, the New York State CDFI Coalition and the Asociación de Ejecutivos de Cooperativas de Ahorro y Crédito de Puerto Rico.
The effort gathered information from 229 CDFIs (community development financial institutions) on the financial impact of COVID-19, participation in economic relief efforts, operational changes and effects on clients.
Key findings include:
Connect with CDFIs in your community: National CDFI Directory (PDF)