Community Reinvestment Act The last item on our regulatory agenda that I will note in my remarks today is the proposal to update the Community Reinvestment Act. The CRA requires the Fed and other banking agencies to encourage banks to help meet the credit needs of their communities, including low- and moderate-income communities.
This rule was last updated 25 years ago, and the banking industry has changed dramatically since the 1990s. The proposal reflects these industry changes, including recognizing internet and mobile banking services, it also attempts to provide clarity and consistency, and it could enhance access to credit for these low- and moderate-income communities.