Greenlining to Push Improvements to Community Reinvestment Act at Fed Hearing in L.A. Tuesday

Contact: Bruce Mirken, Greenlining Institute Media Relations Coordinator, 510-926-4022; 415-846-7758 (cell)

Federal Reserve to Consider Updating Implementation of Landmark Law Boosting Investment in Low-Income Communities

LOS ANGELES – The Federal Reserve system and other federal financial agencies will hold a hearing in Los Angeles Aug. 17 to consider updating regulations implementing the Community Reinvestment Act (CRA), a landmark law first passed in 1977 to encourage banks and other financial institutions to meet the credit needs of the communities they serve. While some on the far right have tried to blame CRA for the subprime mortgage meltdown, The Greenlining Institute and others have argued that improving and expanding CRA is the best way to avoid a repeat of the recent housing crisis, as well as being crucial to efforts to address the large and growing racial wealth gap. In May, the New York Times reported that for every dollar of wealth owned by a white family, an average African-American or Latino family has just 16 cents.

Greenlining Community Reinvestment Director Preeti Vissa, one of the scheduled witnesses, will outline specific improvements to CRA regulations needed to make CRA an effective tool in the modern era.

Due to limited space, the Federal Reserve has asked journalists planning to attend to RSVP to Lily Ruiz at Lily.Ruiz@sf.frb.org.

WHAT: Hearing on updating regulations implementing the Community Reinvestment Act.

WHO: Greenlining Institute Community Reinvestment Director Preeti Vissa, other representatives of community groups and the banking industry.

WHERE: Los Angeles Branch of the Federal Reserve Bank of San Francisco, 950 South Grand Ave., Los Angeles.

WHEN: 9:00 a.m. – 4:30 p.m. (attendees are asked to arrive 30 minutes early).