What is the Community Reinvestment Modernization Act?
The Community Reinvestment Modernization Act is a law that was passed in 2019 by the Delaware General Assembly. It is a comprehensive package of reforms that modernize the Community Reinvestment Act (CRA) – a federal law designed to ensure banks reinvest in the communities they serve. The Community Reinvestment Modernization Act in Delaware will ensure that banks are investing in all communities, regardless of their economic standing, and that all Delawareans benefit from banking services. It also encourages banks to provide more education and outreach to help residents use financial services responsibly. The major components of the Community Reinvestment Modernization Act in Delaware include requiring banks to obtain approval from the Delaware Division of Banks to open or acquire new branches in the state, creating a reinvestment requirement for banks with deposits of more than $50 million, and expanding consumer protection and education standards for banks and credit unions. The law also requires banks to report annually to the Delaware Division of Banks on their activities, investments, and lending in low- and moderate-income communities. Overall, the Community Reinvestment Modernization Act in Delaware is intended to help ensure the state’s banking system is fair and open to all and ensures that banks are reinvesting in the communities they serve. This will help promote economic growth and equitable access to banking services for all Delawareans.
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