What is the Community Reinvestment Modernization Act?

The Community Reinvestment Modernization Act (CRMA) is a law enacted in Oklahoma to promote economic development and investment in communities. It was passed in 2020 and is intended to replace the Community Reinvestment Act (CRA). The CRMA provides incentives for banks and other financial institutions to invest in local communities. It requires the state to provide incentives to financial institutions such as tax credits and other forms of financial assistance for projects that improve the economic and social conditions of local communities. The act also allows for easier access to credit for individuals and businesses in areas where banks are not normally active. The CRMA is an important tool for promoting economic development and investment in Oklahoma communities. It increases access to capital for businesses and provides incentives for banks to invest in local communities. The act also helps ensure that banks are held to a higher standard when investing in local communities. By providing incentives for banks to invest in local communities, the CRMA helps create jobs and encourages economic development in areas that may otherwise not have access to the capital needed to develop.

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What is the Community Reinvestment Modernization Act?

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