“Accountability is the glue that ties commitment to results.” — Unknown.
The Community Reinvestment Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations. It was enacted by the Congress in 1977 (12 U.S.C. 2901) and is implemented by Regulation BB (12 CFR 228). The regulation was substantially revised in May 1995 and updated again in August 2005. The Healthcare Consortium of Illinois is putting more pressure on banks to follow the Community Reinvestment Act and give to the communities that by law it addresses who should receive help. Many organizations and businesses are folding due to the banks unlawful acts.
The Community Reinvestment Act was updated in 2005 by President Clinton but some groups still feel it is not enough help. The Black Lives Matter Movement have been attempting to solve the bank funding problem that African Americans face by relocating their money into black owned banks and financial instutions. Many people have been following suit from celebrities like Usher to every day people. Salim Al Nurridin, Chief Executive Officer of the Healthcare Consortium of Illinois stated “We need to hold these banks accountable through the Community Reinvestment Act”.
Low and moderate income areas should not have to adhere to banks that represent their color to receive help with funding or loans. The law holds all banks accountable to address the disparity issues for businesses or organizations who resemble that description of low or moderate income. Mr. Al Nurridin stated, “We should give the banks report cards”. The banks can then provide information on how they are in compliance of the law by stating what low or moderate income communities they have helped.
For more information about the Healthcare Consortium of Illinois, click here.
For more information on money and how to manage it, click here.
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