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Press Release

FedTalk: Community Reinvestment Act… In The Community

12.04.2020

Who:
Panelists

  • Michael Coleman - Banking Supervisor, Federal Reserve Bank of Cleveland
  • Susan Schaaf - Senior Examiner, Federal Reserve Bank of Cleveland
  • Omar Elhagmusa - Senior Lender at IFF (a Community Depository Financial Institution)
  • Marimba Milliones - President & CEO, Hill Community Development Corporation
Moderator
  • Drew Pack - Regional Outreach Manager, Federal Reserve Bank of Cleveland

What: The Community Reinvestment Act (CRA) was enacted in 1977, encouraging banks to invest in the communities they serve, particularly low- and moderate- income neighborhoods. Investments can take various forms, such as home loans or economic development projects.

As regulators consider the first major update to CRA rules in 25 years, our final FedTalk of the year will provide a forum to discuss CRA successes and ways in which the law can be leveraged for greater impact. Additionally, Bank examiners from the Federal Reserve Bank of Cleveland will talk about their role in prompting financial institutions to meet the credit needs of the communities where they do business, consistent with the law. The panel will also include leaders from community-based organizations to discuss projects that CRA has made possible. A Q&A session will follow the panel discussion.

When: Thursday, December 17, 12:00 pm to 1:30 pm ET

Watch: The online webinar is available beginning at noon ET. The program is free and open to the public, but advance registration is required.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell, doug.campbell@clev.frb.org, 513.455.4479