New Orleans Needs a Stronger, Not a Weaker Community Reinvestment Act
“The CRA, a decades-old law meant to ensure banks meet the credit needs of the communities they serve, is in need of an update — both banks and community organizers agree. While 98 percent of banks get a passing grade on their CRA exams, it’s not always clear that their investments are actually benefiting locals. Yet today, there are federal regulators who want to gut the CRA — an effort CRA proponents have called ‘an attack on communities of color.’”