Yellen: Banks Play Vital Economic Role in Poor Communities

“Yellen told community development groups that banks are needed not just to provide home mortgages in low- and moderate-income neighborhoods but also to support educational opportunities and to bolster the development of small businesses.
Yellen noted that this is the 40th anniversary of the Community Reinvestment Act, which requires banks to meet the credit needs of the communities they serve, including low- and moderate-income neighborhoods. She said the Fed takes the law’s requirements seriously, including making public each bank’s performance ratings under the law.”