While we agree The Community Reinvestment Act (CRA) needs a renovation, the solution is not the Trump administration’s proposed partial demolition.
Historically banks have been hesitant and, in many cases, completely unwilling to lend money to residents in lower-income neighborhoods, although they have no issues with profiting from deposits taken from these same communities. Since 1977, the Community Reinvestment Act has shone a light on the issue, and required banks to provide mortgages, small-business loans and other services in all communities where they operate.
IMPACT Community Action CEO, Robert ‘Bo’ Chilton Calls on Community Leaders to Raise a Voice Against Trump Administration Proposed New CRA Reform; “These proposed changes decrease accountability and diminishes the community-based focus of the Act,” says Robert ‘Bo’ Chilton, CEO at IMPACT Community Action. “ As an organization that provides Financial Capability training, we have forged strong partnerships with our local banks. We call on our partners and community leaders to raise a voice against these harmful proposals that undermine our community goal of becoming One Columbus with prosperity for all.”
IMPACT Community Action (IMPACT) will continue to provide essential services to people in Franklin County from 8am - 5pm, Monday - Friday, while remaining mindful of health and safety precautions, social distancing guidelines, and mandates regarding the coronavirus (COVID-19).
For more information, contact Kay Wilson, Director, Community Engagement & Advancement, (614) 453-1613, email@example.com