April 3, 2018

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FSR Welcomes Treasury Recommendations to Update the Community Reinvestment Act​

Treasury’s report includes many common-sense recommendations to ensure banks are meeting the needs of American consumers and communities across the country.

FSR Welcomes Treasury Recommendations to Update the Community Reinvestment Act​
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FSR Welcomes Treasury Recommendations to Update the Community Reinvestment Act

 

WASHINGTON—The Financial Services Roundtable (FSR) today welcomed a report from the Treasury Department urging bank regulators to modernize the Community Reinvestment Act (CRA) standards to better meet the needs of 21st-Century consumers.

“Treasury’s report includes many common-sense recommendations to ensure banks are meeting the needs of American consumers and communities across the country,” said FSR’s SVP and Senior Counsel for Regulatory and Legal Affairs, Rich Foster. “We look forward to sharing our views with federal bank regulators on how to improve decades-old standards. The 1977 statute never contemplated today’s technological and digital banking advancements that allow banks to provide greater consumer access to lending and deposit services while addressing the needs of the communities in which they operate.”

Financial institutions should be able to more easily provide low to moderate-income consumers (LMI) with a variety of products and services that meet their unique financial goals. We urge the Office of the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation to pursue a unified interagency initiative to achieve this goal.

 

 

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About The Author

The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

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