Resolution Number 64 In Session 2022-2023

Summary

NOW THEREFORE BE IT RESOLVED, that this Honorable Board of Aldermen of the City of St. Louis supports and opposes the following matters related to the modernization of thew CRA: 1. Supports efforts to modernize CRA in a way the furthers equity but does not relax or undermine the law's goal and intent. 2. Supports modernizing CRA to apply it to non-bank institutions including mortgage companies, financial technology companies, and credit unions. 3. Supports a CRA with a clearly-defined rating system that emphasizes lending, bank branches, fair lending performance, and responsible loan products for working class families. 4. Supports the recently issued federal interagency notice of proposed rulemaking expanding geographical areas to consider lending beyond bank branches, bolsters the lending test to combat grade inflation, and positively expands data on community development financing to better assess banks' records of financing neighborhood revitalization; and 5. Supports the encouragement of community benefit agreements that some banks negotiate with community-based organizations during the merger application process and which commit banks to make more loans, investments, and services available to traditionally underserved communities. 6. Opposes the raising of bank thresholds and the exempting of more banks, such as ISBs/mid-sized banks, from examination of their community development lending and investments. 7. Opposes any effort to water down the penalties under CRA for confirmed cases of discrimination.

Download