Furman Center Policy Breakfast: Insights into the Proposed Changes to the Community Reinvestment Act

Please join the NYU Furman Center on Tuesday, March 3rd for a policy breakfast. 

Insights into the Proposed Changes to the Community Reinvestment Act

Panelists will include: 

Hope Knight - President & CEO, Greater Jamaica Development Corporation

Buzz Roberts – President & CEO, National Association of Affordable Housing Lenders

Jennifer Vasiloff – Chief External Affairs Officer, Opportunity Finance Network

Jaime Weisberg – Senior Campaign Analyst, Association for Neighborhood & Housing Development

Moderated by:
Mark Willis, Senior Policy Fellow, NYU Furman Center

RSVP here 

Spurred on by the passage of the Community Reinvestment Act (CRA) in 1977, banks have channeled trillions of dollars toward historically underserved areas. Last reformed in 1995, recent proposed changes to CRA will significantly alter how bank loans, investments, and services are evaluated, and thereby impact future bank investment in low- and moderate- income communities (LMI).
 
Given the evolution of the banking industry since the 1990s, there is an identifiable need to adapt the CRA. The rise of internet banking, as well as other industry shifts over the last 40 years, point to a need for the regulation to adapt to today’s economy. In December of 2019, two of the three regulators of the CRA--the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC)--issued a notice to change CRA rules in an attempt to adapt them to today’s needs.
 
This breakfast will bring together experts, advocates, and scholars to discuss the future and importance of CRA in the context of the proposed rule changes. Panelists will discuss how the CRA regulation has enabled banks to serve community needs, and how the proposed rule might help facilitate or hinder its effectiveness.

Read Comptroller Otting’s statement made before the House Committee on Financial Services (Jan. 29, 2020)
Read the remarks by Lael Brainard, member of the Federal Reserve Board of Governors (Jan. 8, 2020)
Read the statement of Martin Gruenberg, member of the FDIC Board of Directors (Dec. 12, 2019)

The panel discussion will take place on Tuesday, March 3, 2020, from 8:30 to 10:00 a.m. at NYU School of Law’s Lipton Hall, in D’Agostino Hall, 108 West 3rd Street. Registration and breakfast will begin at 8:00 a.m.