Maryland Matters: Advocates: A Maryland Community Reinvestment Act needed to invest in underserved communities

Maryland Matters, June 20, 2023, Advocates: A Maryland Community Reinvestment Act needed to invest in underserved communities

Another statute passed by Congress in 1977 was the Community Reinvestment Act (CRA), which is meant to ensure banks and other financial institutions meet investment needs in the low- and moderate-income communities around them.

But two groups — Economic Action Maryland and the National Community Reinvestment Coalition — released reports this month advocating for a statewide community reinvestment act in Maryland, that they say would help increase homeownership and other financial lending opportunities for residents and business owners, especially people of color.