The Community Reinvestment Act (CRA), passed by Congress in 1977, requires commercial banks and savings associations to meet the needs of all borrowers in the local community. Recently, the Federal Administration proposed rule changes that would weaken the CRA, reducing the obligations on banks to invest, lend, and provide services in low- and moderate-income communities. These proposed rule changes would eliminate or weaken accountability measures for more than 5,000 banks in the United States. Additionally, these proposed changes would put affordable housing and community development investment at risk, require banks to do less for the communities they serve, and could allow Community Reinvestment Act Credits to be used for projects that do not benefit the local community.
 
The CRA has supported first time homebuyer programs, community health centers, accessibility improvements, land banks, daycare centers, small farmers, and so many more essential projects in the Commonwealth. We appreciate our banking partners for being good community members, but we cannot afford to let these latest actions out of Washington hurt our Main Streets here in Pennsylvania. For this reason, I will be introducing the Pennsylvania Community Reinvestment Act to ensure continued, equitable banking opportunities for our neighbors and families across Pennsylvania.
 
Please join me in co-sponsoring this important legislation to prevent greedy, transactional banking practices and promote financial accessibility for all communities in Pennsylvania.