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04/10/2024

A CRA Overhaul Shakes the Industry

Regulators finalized a much-needed modernization of the Community Reinvestment Act, only to be met with resistance and confusion.

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About the authors
Written by
Naomi Snyder Editor-in-Chief

Editor-in-Chief Naomi Snyder is in charge of the editorial coverage at Bank Director. She oversees the magazine and the editorial team’s efforts on the Bank Director website, newsletter and special projects. She has more than two decades of experience in business journalism and spent 15 years as a newspaper reporter. She has a master’s degree in journalism from the University of Illinois and a bachelor’s degree from the University of Michigan.

Naomi Snyder
Editor-in-Chief
Green Dot Bank. Morgan Stanley Bank. SoFi Bank. They’re all based in Utah, a bank-friendly place to do business. But the Community Reinvestment Act is designed to ensure they serve low- and moderate-income neighborhoods near their physical locations. That’s a bit odd, since those banks have almost no branches and are mostly nationwide.   Until now, regulators hadn’t made significant changes to the CRA’s rules since 1995, despite the rise of branchless banks and mobile and internet banking in the decades since. Almost everyone — financial institutions, lawmakers, community groups — agree the CRA needed modernization. Unfortunately, that’s where the agreement…

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WRITTEN BY

Naomi Snyder

Editor-in-Chief

Editor-in-Chief Naomi Snyder is in charge of the editorial coverage at Bank Director. She oversees the magazine and the editorial team’s efforts on the Bank Director website, newsletter and special projects. She has more than two decades of experience in business journalism and spent 15 years as a newspaper reporter. She has a master’s degree in journalism from the University of Illinois and a bachelor’s degree from the University of Michigan.