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May 5, 2022

The Community Reinvestment Act (CRA) Rule that the Banking Regulators Proposed Today Must Ensure All Americans Have Fair, Equal and Nondiscriminatory Access to Financial Services and Products

WASHINGTON, D.C.—Dennis Kelleher, Co-founder, President and Chief Executive Officer of Better Markets, released the following statement upon the release of a proposal to overhaul the Community Reinvestment Act (CRA):

“Few laws have more potential to meaningfully improve the lives and livelihoods of tens of millions of Americans than the Community Reinvestment Act (CRA).  However, it must be drafted and implemented in a way that concretely and measurably ensures access to financial firms, services, and products on a fair, equal and nondiscriminatory basis. That must include everything from easy access to basic banking services at reasonable costs to lending for homes and small businesses.

“Those are the keys to wealth creation, broad-based prosperity, and even simply meeting day-to-day financial needs. They are the fundamental pillars for economic opportunity and security for all Americans, including in particular low and moderate income households and communities of color.  Unfortunately, the CRA has not lived up to its promise and has lacked realistic metrics that enable oversight and accountability.  Every year banks trumpet their CRA ‘achievements’ and are allowed to merge into ever-bigger banks, yet home ownership, small business formation, and wealth accumulation as well as economic security remain stubbornly segmented and concentrated, with low and moderate income communities often overlooked and neglected.

“We welcome today’s proposal and look forward to working with the federal banking regulators, the financial industry, and allies to finalize a rule that turns the CRA’s potential into reality and achieves the meaningful, concrete goals of the law in the homes and neighborhoods of all of America’s communities.”


Better Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit

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