Overview
The CFE Fund recently submitted a letter to the Federal Deposit Insurance Corporation in response to their request for comment on the proposed rulemaking rescinding the 2023 Community Reinvestment Act Final Rule (CRA). Citing the findings of our Bank On and Financial Empowerment Center initiatives—which have demonstrated how access to safe and affordable banking accounts is imperative to individual financial stability—we urged supervising agencies to ensure that banks offering accounts that benefit the local community receive CRA credit, regardless of the rule set chosen by regulators. This credit serves as a significant motivator for financial institutions to continue offering these pivotal accounts.