Community Reinvestment Act (CRA) The Community Reinvestment Act (CRA) is a law passed in 1977 that encourages banks and other financial institutions to help meet the credit needs of their communities, including low- and moderate-income (LMI) neighborhoods. 

FDIC Link to More Info 
FedCommunities.org CRA: Building Block for change--

Do you have information to add to this page?
Have you done something that was successful?
Please share for me and  others-and thanks! [email protected]

My coworker Dan created this summary for me to share

Read this--(4 pages) encouraging banks to get involved with local VITA programs--its an oldie but still holds true and they keep republishing it.

This is a link to a Q & A on the CRA topic-most isn't relevant to us-- but check out pages 14, 25-26

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leadcenter.org/workforce-system-and-bank-partnerships-a-how-to-guide 

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Here is a fabulous article on one successful partnership!   Banks help Tulsa embrace a future that is equitable and successful for all

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A sample letter I started-- Do you have one?

My horribly written notes from a call I had with FDIC specialist--learning about CRA

• 10/6/23 Spoke with FDIC-Rhonda L. Little, MBA, CRCM; Community Affairs Specialist, Division of Depositor and Consumer Protection; Federal Deposit Insurance Corporation; Cell: 765-307-0845; [email protected]  --we were connected by her counterpart—I had seen they had in Jan 2022 a VITA CRA Bank meeting—was curious if they were going to do more and if they were going to update the FIL 97-2007 –while still good—old date
  • They have a meeting trying to schedule 1/2024 (Bank On and UW Suncoast)-- 
  • To address banks—use specific quotes from CRA Q&A  2016– there are 4 criteria they must meet to be considered by FDIC
    • Consider.. if you help us…
    • Use you expertise to man/support…
    • Use your bank knowledge to…
    • Funds must be earmarked for VITA to count as ‘low to moderate’ count
    • Try to mirror examples provided in Q & A
      • This will help …
      • How…
      • Appears to align with example…
      • I looked at the CRA Q&A and What we are doing appears to align with xyz possibly considered  under.. get rating/credit….
    • Banks need credits to expand/open new branch
    • Volunteering with VITA, supporting us with $$ for split savings will fall under community service bullet— helping low to moderate income people..
      • Help encourage tax time savings/ stewardship savings?
      • They need safe low cost accounts
        • Research/report low income people have been charged $40K over course of a life in bank fees (overdraft)--this could have been a house, or an inheritance, generational gift.. : (
  • Add us to mailing list
  • Bank Find—has real time data—comprehensive list
  • Partner for next year—I requested Oct/Nov instead Jan/Feb.. we wills see

 

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Other:
Banking Deserts Dashboard-are you in a banking desert?