A comment on the joint notice of proposed rulemaking regarding the Community Reinvestment Act
Ian P. Moloney, Head of Policy and Regulatory Affairs
In August 2022, Cross River submitted its views on the federal regulators’ proposed reforms to the Community Reinvestment Act (CRA). Cross River works diligently to help underserved communities effectively, even though the current CRA rules, which tie CRA lending credit to physical branch locations, do not properly incentivize modern technology-savvy banks. Cross River sought to ensure that policymakers understood how their proposed reforms were likely to impact Cross River and the broader modern banking system and the importance of ensuring banks receive CRA credit wherever their customers are served. It is our belief that with the correct CRA reforms, the modern banking system will respond with increased investment in traditionally underserved communities; thus, helping the people that need access to financial services the most and ensuring that the CRA meets its original goals. Check out our letter for a more detailed explanation of our views.
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