☷Statement from Secretary of the Treasury Janet L Yellen on the Joint Release of a Notice of Proposed Rulemaking NPR
U.S. Department of the Treasury ( By Press Release office)
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WASHINGTON - U . S . Secretary of the Treasury Janet L . Yellen released the following statement on the joint release of a Notice of Proposed Rulemaking ( NPR ) related to the Community Reinvestment Act ( CRA ) by the Board of Governors of the Federal Reserve , the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation . “It is encouraging to see regulators working jointly in their approach to update and strengthen the Community Reinvestment Act – the first comprehensive update in more than twenty five years . The CRA was established in 1977 in response to discrimination in lending , and it remains essential for promoting financial inclusion for all Americans in our banking system . Modernizing the CRA will help financial institutions to better meet the credit needs of the communities in which they do business , including in low and moderate income neighborhoods . We are committed to working with the banking industry and all other stakeholders to ensure that the credit and investment needs of our communities are being met . ” ###
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