Strengthen the Community Reinvestment Act
Regulators shall strengthen the Community Reinvestment Act (CRA), which was designed to help financial institutions meet the credit needs of their community, by:
- Vigorously enforcing Equal Credit Opportunity Act (ECOA) and fair housing laws in instances where lending discrimination is believed to exist.
- Enforcing antitrust laws especially with respect to mergers that could lead to bank branch closures in low-to-moderate income (LMI) communities in order to keep competition.
- Allowing other banking companies to enter the retail banking sector and allowing said companies to apply for Federal Deposit Insurance Corporation (FDIC) insurance.
- Extending CRA credit (equally weighted) for service & investment tests to Community Development Financial Institutions (CDFIs) and Community Development Banks (CDBs) to reach market.
- Increasing government funding through the US Treasury for CDFIs.
- Explicitly quantifying measurements needs to determine benchmarks (including a community investment benchmark) and eliminating subjectivity associated with local regulatory interpretation
- Creating centralized control to ensure consistency and uniformity vs having multiple agencies in charge
When possible use public transit as an alternative to commuting or exploring the region. Participate in existing programs intended to increase ridership; visit Citizens for Modern Transit for more information on trying our local transit system: http://cmt-stl.org/programs/cmts-try-ride-program/.