Beneficial State Bank and Foundation recognize the critical role financial institutions play in shaping our economy and society. Financial institutions must conduct business in a way that serves the interests of the public good. Banks should benefit, not exploit, communities.
CRA is a critical tool to ensure banks drive investments into areas lacking adequate access to capital. We need to improve CRA, not pare it down. The Office of the Comptroller of the Currency (OCC) recently issued a proposal to “modernize” the regulation and invited the public to comment. We share our comment here and look forward to working with our partners and with the OCC to strengthen CRA to meet its purpose to channel meaningful investment into low and moderate-income communities and communities of color that have been economically sidelined for centuries.