Couple Meeting With Financial Advisor.
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Last week, a federal judge in Texas halted sweeping new guidelines that would have very likely compelled banks across the country to increase their activity in historically underserved communities, particularly communities of color. It didn’t make the headlines, but this decision could significantly slow the trajectory of Black economic mobility.
The decision stayed implementation of new guidelines to the Community Reinvestment Act (CRA) issued last October. This landmark legislation was enacted in 1977 to address systemic inequities in access to credit and financial services, and has been critical in the fight against redlining and opening access to capital for low- and moderate-income communities. The CRA uses the power of three institutions – the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal…
