Moderator: Orson Aguilar-Principal of Policy and Advocacy, UNIDOS US (NCLR)

Panelist:
Dina Harris, National Faith Homebuyers, Detroit MI
Marcos Morales, Hogar Hispano Inc., Phoenix & Washington DC
Wesley Alexander, Co-Biz Nonprofit Business Development Center, Richmond CA
Watchen Bruce, Baltimore Community Lending, Baltimore MD

3 more panelists small business/housing (New Jersey/Pennsylvania/FL)

We have requested that a representative from the Federal Reserve Board participate in the Q&A part of this session

Details About the Webinar

The Community Reinvestment Act (CRA) of 1975 is now being modernized by the Federal Reserve Board. The CRA is the single most important racial economic legislation that is centered on access to capital and investments for minority communities-small businesses-families. Panelists in this session will discuss what new rules are needed to ensure that Black & Latino communities are being provided access to capital and investments by financial institutions. The audience will be able to engage the panelists in a lively Q&A session. This session will be recorded and will be sent to the Federal Reserve Board to be counted as “comments” toward the new CRA rules being determined over the next 3 months.

On September 21, the Federal Reserve released an Advance Notice of Proposed Rulemaking (ANPR) soliciting public comment on its approach to modernizing regulations that implement the CRA. The ANPR seeks comment on the Federal Reserve’s proposals to meet low-to-moderate income banking needs by addressing changes in the banking industry and inequities in financial services and credit access. The ANPR includes proposals to promote financial inclusion in Indian Country and other underserved areas, including investments in Minority Depository Institutions and Community Development Financial Institutions. In addition, the ANPR identifies proposed changes to performance evaluation standards, including proposals to tailor performance tests and assessments to account for differences in bank sizes and business models, specifically addresses the needs of small banks and those in rural areas, and clarifies and expands eligible CRA activities. The ANPR also proposes a new framework in which banks could rely on existing data collection and reporting requirements, deviating from the OCC’s plan to request new data points for CRA scoring.

“The CRA is a seminal piece of legislation that remains as important as ever as the nation confronts challenges associated with racial equity and the COVID-19 pandemic,” said Federal Reserve Board Governor Lael Brainard. “We must ensure that CRA continues to be a strong and effective tool to address systemic inequities in access to credit and financial services for LMI and minority individuals and communities.”

Public comment on the ANPR will assist the Board in refining CRA modernization proposals to:

Strengthen CRA’s core purpose of meeting the wide range of LMI banking needs and addressing inequities in financial services and credit access
Address changes in the banking industry
Promote financial inclusion by including special provisions for activities in Indian Country and underserved areas, and for investments in Minority Depository Institutions and Community Development Financial Institutions
Bring greater clarity, consistency, and transparency to performance evaluations that are tailored to local conditions
Tailor performance tests and assessments to account for differences in bank sizes and business models
Clarify and expand eligible CRA activities focused on LMI communities
Minimize data burden and tailor data collection and reporting requirements
Recognize the special circumstances of small banks in rural areas
Create a consistent regulatory approach
Congress enacted the CRA in 1977, as part of several landmark pieces of legislation enacted in the wake of the civil rights movement intended to address inequities in the credit markets. The Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have broad authority and responsibility for implementing the statute, which provides the agencies with a crucial mechanism for addressing persistent structural inequity in the financial system for LMI and minority individuals and communities. The statute and its implementing regulations also provide the agencies, regulated banks, and community organizations with necessary structure for facilitating and supporting a vital financial ecosystem that supports LMI- and minority-focused community development.

About the Speakers

1608080118-36613ec8e8e5afdf Orson Aguilar
UnidosUS - Principal of Policy and Advocacy

Orson is a nationally recognized leader on issues related to economic justice and wealth building for underserved communities. At UnidosUS, Orson oversees the organization’s Economic Policy program focused on building wealth in Latino communities.

He has testified in Congress and has facilitated numerous meetings with federal regulatory leaders and corporate CEOs on matters related to consumer finance, lending, and economic development.

He has served on several governing boards, including The Women’s Foundation of California, The Mission Economic Development Agency, The Unity Council, Grid Alternatives, and VELOZ. He has also received numerous leadership appointments, including the Federal Reserve of San Francisco’s Community Advisory Council, Bank of America’s National Community Advisory Council, BBVA’s Community Advisory Council, and PG&E’s Community Advisory Council.

He holds a master’s degree in Public Affairs from the University of Texas at Austin and an undergraduate degree in Psychology from the University of California at Santa Cruz.

C Carrie Johnson
Federal Reserve Board of Governors Consumer & Community Affairs Manager, Community Reinvestment Act Policy Team


1608080593-ed990385c2b08312 Dina Harris
National Faith - Founder & CEO


1607005973-f2f39fb321f4ccfc Marcos Morales
Hogar Hispano, Inc. - Executive Director

Access to capital is paramount to the success of HHI and other community development corporation and small businesses across the country. The future of affordable housing depends on it.

1608080293-5560706faee53c31 Wesley Alexander
CoBiz Richmond - CEO

Wesley Alexander, currently serves as the CEO of CoBiz Richmond, Inc. (CoBiz) - a shared co-working space and business incubator start-up whose mission is to drive equitable and transformative outcomes for Richmond, CA and the surrounding communities by creating an entrepreneurial and communal hub for professionals, businesses, non-profits, students and citizens to convene, collaborate, innovate, learn, and actualize their ideas. Prior to CoBiz, Mr. Alexander worked for Fortune 60 ventures in emerging technology, served as a Special Agent in the FBI, co-founded an app, and provided individualized coaching services to entrepreneurs under his brand, Promise and Potential. Wesley completed a dual JD/MBA from the Washington College of Law and Kogod School of Business at American University, completed his BS in biology from Loyola University Maryland, and is barred in Maryland. Wesley's motto is that We Must Do More as stewards of the next generation.

1608080416-fa0552436bfd5854 Watchen Bruce
President and CEO Baltimore Community Lending


1608080496-2002435bddfac2d8 Adam Briones
Director, Economic Equity, The Greenlining Institute


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