To ensure its continued effectiveness in supporting these efforts, the CRA regulation must evolve along with the landscape of banking and community development. To that end, the Board’s ANPR seeks to advance the CRA’s core purpose of addressing inequities in credit access and ensuring an inclusive financial services industry.
This was followed in March 2003 by a reduction of 25 basis points and by a further 50 basis point reduction in June 2003. These rate cuts provided some counterweight to the various factors having an adverse effect on economic activity and thereby improved the prospects for price stability in the medium term.