The FDIC released proposed rules for an interagency Community Reinvestment Act reform process today. The long-awaited proposal represents the most recent of many stalled efforts to update this anti-redlining law.
Woodstock Institute signed on to Americans for Financial Reform’s comment letter to the OCC, FDIC, and Federal Reserve Board of Governors regarding their Notice of Proposed Rulemaking on the Community Reinvestment Act. The letter emphasizes the importance of CRA’s...
Woodstock Institute joined a coalition letter led by the National Community Reinvestment Coalition (NCRC) urging the FDIC to downgrade the Community Reinvestment Act (CRA) exam rating for TAB Bank. TAB Bank, based in Utah and regulated by the FDIC,...
Woodstock Institute co-leads the Illinois Community Reinvestment Act Coalition with Housing Action Illinois. The coalition submitted a letter with 32 organizations signed on to comment on the Illinois Department of Financial and Professional Regulation’s (IDFPR) Advance Notice of Proposed...
Two federal laws, the Home Mortgage Disclosure Act (HMDA) and Community Reinvestment Act (CRA), passed in the 1970s after a national grassroots advocacy campaign that uncovered examples of redlining – refusal to loan in a community due to bankers’...
Woodstock Institute signed on to a letter led by the National Community Reinvestment Coalition (NCRC) supporting the Office of the Comptroller of the Currency’s (OCC) harmful 2020 Community Reinvestment Act (CRA) rule. NCRC, Woodstock, and other advocates support an...
Illinois has a historic opportunity to ensure state banks, state credit unions, and mortgage companies invest mortgage capital equitably. The ability for the State of IL to hold all lenders accountable for the impact they have on the residents...
CRA reform efforts must address the fact that federal regulators have rated 95% of banks Satisfactory or better even though data show fewer regulated lenders meeting the law's goals.
… The speed at which the package passed surprised even community development and fair housing groups. “There was really a demand, on all levels of government, local state and federal elected officials representing Illinois, wanting to do something to...
Woodstock signed on to a letter led by the Leadership Council on Civil and Human Rights to support Sen. Elizabeth Warren’s (D-MA) American Housing and Economic Mobility Act of 2021 (S. 1368). The bill would, among other things, modernize...