This August, we at Enterprise Community Partners presented our comments on the proposed rulemaking changes to the Community Reinvestment Act, the 1977 law that was designed to undo the racist underinvestment in low-income and communities of color. In our comments, we recognize the need for a strong regulatory CRA framework, one that reflects the changes in the financial services industry while better promoting access to responsible banking services for low- and moderate-income communities. It must also reflect an effort to redress the legacy of redlining and other discriminatory policies and practices that spurred disinvestment in minority communities while also being forward-looking in helping vulnerable people and places become more resilient to ever-present climate-related risk.
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