We have an opportunity today to let bank regulators know that it’s high time to update CRA for the modern era in a way that does not discourage banks from providing needed branches and in-person services. Federal regulators have released proposed changes to the Interagency Questions & Answers (Q&A), some of the documents that guide banks in implementing CRA. We have until November 10, 2014, to submit comments on the proposed changes.
Your comments do matter. Regulators will most certainly hear from bank representatives and we need to make sure that they hear from advocates as well. Join us for a phone briefing on Wednesday, November 5, at 1:00 pm CT to learn more about the proposed changes in the new Q&A, what we support, and what we’re recommending to regulators. Woodstock will release a sample letter that organizations can modify and submit, as well as a letter that that we will circulate for sign-ons.
Strengthening CRA means that banks will be evaluated on how well their financial services are actually meeting the needs of underserved communities and will encourage much-needed investments in low- and moderate-income areas across Illinois. We hope you will participate in this effort!
CRA Q&A Phone Briefing
Wednesday, November 5
1:00 p.m. CT