The Community Reinvestment Act in the Age of Fintech and Bank Competition
How do we promote greater financial inclusion for historically underserved communities? This question has come to the fore as regulators review the Community Reinvestment Act (CRA)—a nearly 42-year-old law aimed at ensuring credit access for low- and moderate-income households. Does the CRA, as written, work in our modern banking system? Can the CRA be improved with quantitative measures? What does empirical research of CRA lending say about who is getting access to credit? How are fintech innovations serving the vulnerable populations the CRA seeks to reach?
Please join us as policy analyst Diego Zuluaga discusses these questions while presenting his new paper, "The Community Reinvestment Act in the Age of Fintech and Bank Competition," and shares new empirical findings examining gentrifying neighborhoods in Washington, DC.
Note: This is an off-the-record* educational event open to congressional staff only. Due to limited space, we are unable to accommodate interns.
*Participants are advised that still photographs and general descriptions of the event may be used in future promotional materials produced by the Cato Institute.