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SOCIAL ENTERPRISE NETWORK
Economic Growth and Regulatory Paperwork Reduction Act of 1996
Girlfriends Who Inspire Change (GWIC) were selected to give oral comments on the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) virtual public outreach meeting hosted by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation. The meeting was scheduled for September 16th, 2024.
This outreach meeting, a pivotal part of the agencies’ efforts to review their regulations every ten years consistent with EGRPRA, is an opportunity for interested stakeholders to shape the regulatory landscape. The six categories reviewed of rules listed in the first two Federal Register notices: Applications and Reporting; Powers and Activities; International Operations; Consumer Protection; Directors, Officers, and Employees; and Money Laundering.
Our concerns were centered around our recent experience and observations. One of the concerns was the Community Reinvestment Act (CRA), a federal regulation that supports low—and moderate-income individuals in the banking industry. Access to loans(capital), whether business, cars, personal(credit cards), or homes.
The question asked. How do they measure the bank's acceptance of low and moderate-income individuals' access and enforce compliance with the banking institutions regarding the (CRA)?
Published Updated: October 9th, 2024
Girlfriends Who Inspire Change
The Federal Deposit Insurance Corporation (FDIC)
The Federal Deposit Insurance Corporation (FDIC), a critical regulatory body in the banking industry, issued a press release on October 3rd, 2024. It announced the recent evaluation of state nonmember banks for compliance with the Community Reinvestment Act (CRA), a responsibility it takes seriously. FDIC Issues List of Banks Examined for CRA Compliance
In conclusion, here is a list of financial institution performance ratings provided by the FDIC that should comply with the CRA. The CRA, designed to support low—and moderate-income individuals, is a crucial tool in ensuring fair and equal access to banking services. It helps you understand who is obligated to do business with you based on your socio-economic class.
Published: October 9th, 2024
Girlfriends Who Inspire Change