Small Business Majority's response to the proposed joint rule on the Community Reinvestment Act.

Wednesday, July 27, 2022

Small Business Majority submitted a letter to the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency regarding the proposed changes to the Community Reinvestment Act. We are pleased with the revisions made to the rule based on feedback from our organization and other stakeholders. We continue to advocate for a lower revenue threshold for size standards, and we strongly urge the agency to leverage race data collected under Section 1071 of Dodd-Frank to better track how successful financial institutions are lending in communities of color, thus fulfilling the original promise of the Community Reinvestment Act.