A state-level Community Reinvestment Act (state
CRA) would set standards for how financial
institutions in California invest and conduct
business in our state, how they can help address
racial and other wealth disparities, and how they
can help ensure that all of our communities thrive.
State CRA would position California in response to
federal deregulatory efforts. This bill would create
incentives for urgently needed community-serving
investments and encourage private investment in
affordable housing, homeownership programs, and
small business development throughout California.
The bill would also create and maintain
transparency and oversight of the state’s financial
services market and ensure equal access to credit
and services for all Californians.
State CRA empowers the Department of Financial
Protection and Innovation (DFPI) to conduct a
disparity study of financial service provision, ensure
that covered financial institutions are assessing
community needs, evaluate covered financial
institutions on their efforts in meeting community
needs, and identify and address discrimination in
the provision of financial services.
Join the campaign:
Please sign on to ensure that all of our state-chartered and licensed financial institutions are playing their part in building strong California communities! Rise Economy will add you to the fact sheet and the coalition letter of support (link below). If you have any questions, please reach out to Jyotswaroop Bawa (jbawa@rise-economy.org)