On July 19, Mercy Housing Senior Vice President of Community Impact and Investment Julie Gould shared testimony at the first of four public hearings regarding the Community Reinvestment Act (CRA). The hearings were held across the country to receive public comments and opinions on whether and how regulations should be revised to better serve the goals of the Community Reinvestment Act.
CRA was passed in 1977 in order to encourage banks to meet the credit needs of the local communities in which they are charted. Mercy Housing believes that a collaborative approach to national public policy on CRA is essential as the regularty agencies work through the public hearings and rulemaking processes.
Gould’s testimony focused on two aspects in need of reform: Community Development and Geographic Coverage. >>Read Julie Gould’s full testimony here.