BILLIONS 4 OUR COMMUNITY. (BREAKING DOWN) CRA AND CRA MODERNIZATION.
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If you tuned in yesterday, then here is part 2 for you!
THIS IS ABOUT TRANSPARENCY, AND GIVING THE PUBLIC A VOICE IN THE PROCESS.
It’s important that we as a community get this right! The Community Reinvestment Act of 1977 (CRA) is the $400 BILLION TOOL YOU NEED TO KNOW ABOUT! This is the first time in history, since the U.S. Comptroller of the Currency (the OCC) was founded in 1863, that the leaders are participating in a live video ‘lightning round’ discussion. We are encouraging you to share your thoughts, and be heard along with many others in the community. I can’t express how important it is that we talk about this! Share, like, comment your thoughts, and then go visit https://www.regulations.gov/docket?D=… to join the community discussion.
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And don’t forget to visit one of my Financial Wellbeing Coaches Operation HOPE, Inc. to get your life back on track. OperationHOPE.org to find a HOPE Inside Network location near you.
#CRA #CRAReform #CommunityReinvestmentAct #FinancialLiteracy #OCC #USComptrolleroftheCurrency #OperationHOPE #HOPEInside #johnhopebryant
Correction: At about 21:35, I misspoke by saying, “You can’t make a loan and sell it to someone else and get credit or play all these ghost games.” OCC points out that banks would still receive credit loans they originate and sell. That practice provides important liquidity for these loans. The proposed rule stops providing full credit to banks that buy and sell the same loans over and over, which results in double and triple counting loans without adding new money to the neighborhood.
