Groups Launch SaveCRA.org Website

The Washington-based National Community Reinvestment Coalition and the National Community Capital Association, Philadelphia, have launched a website to oppose a federal effort to exempt about 90% of the nation's banks from Community Reinvestment Act compliance requirements.The Federal Deposit Insurance Corp. has proposed a rule that aims to relieve nearly 900 midsize banks in 37 states of their CRA requirement to support affordable housing, community development, small business loans, and capital for nonprofits. The organizations warn that if the proposed rule is passed, it is expected to cause a "grave drawback" in such investments. The NCCA, a national network of over 150 private-sector community development financial institutions that invest in affordable housing for underserved communities, said the SaveCRA.org website will facilitate public opinion feedback before the comment period on the FDIC proposal ends Oct. 20. The website provides state-by-state data on the number of banks with $250 million to $1 billion in assets that the FDIC would relieve of CRA requirements. The website can be found online at http://www.savecra.org.