Minerve Meriseme, Thomas Gutierrez and Arianna Pommells T H E C O M - - PowerPoint PPT Presentation

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Jan 08, 2023 221 likes •350 views

Project Team: Three Blues Minerve Meriseme, Thomas Gutierrez and Arianna Pommells T H E C O M M U N I T Y R E I N V E S T M E N T A C T O F 1 9 7 0 B Y : M I N E R V E M E R I S E M E T H O M A S G U T I E R R E Z A R I A N N A P O M

SLIDE 1

Project Team: Three Blues

Minerve Meriseme, Thomas Gutierrez and Arianna Pommells

SLIDE 2

T H E C O M M U N I T Y R E I N V E S T M E N T A C T O F 1 9 7 0

B Y : M I N E R V E M E R I S E M E T H O M A S G U T I E R R E Z A R I A N N A P O M M E L L S

SLIDE 3

What is the CRA?

Federal Law.
Encourage credit unions to

meet credit needs.

Federal agencies
Assessments.

SLIDE 4

M A I N I D E A

“We believe the community reinvestment act (CRA) must help all low to moderate income households, communities, and small businesses develop mutually beneficial banking relationships”

SLIDE 5

H i s t o r y

Prior to the CRA
Gale Cincotta
Current CRA

– other similar acts – a need for reform – activist – new updates

SLIDE 6

Gale Cincotta

Addressing the National Conference on Initiatives for Affordable Housing

Photo by Paul L. Merideth

SLIDE 7

Why does it exist?

Before the CRA.
The New Deal and HOLC
Redlining
After the CRA.
Banks became incentivized
Directly faced redlining

Photo from National Geographic

SLIDE 8

What Real Impact Has the CRA Had Since It Was Created?

EFFECT

Stopped Redlining
Increased Loan amounts
Low, middle, and high

FUTURE

New change coming
Differences in regulator’s

assessments.

SLIDE 9

Why should we Care?

Increases the loan amount and wealth of many
Helps regulate banks
Ensures that no discrimination will be brought back
Ensures that businesses receive the help they deserve

SLIDE 10

Thank You!

SLIDE 11