I want to assure you that we will continue to engage with bank and community stakeholders to find a path forward that honors the purpose of the CRA by encouraging banks to attend to the credit needs of their local communities and to better address the needs of underserved areas.
This engagement will be vital as we join together with the other banking agencies to formulate regulatory changes that preserve what is best about CRA while ensuring its value and relevance for another generation. 1 I am grateful to Theresa Stark of the Federal Reserve Board for her assistance in preparing this text.