Milwaukee leaders pass legislation to support Community Reinvestment Act
MILWAUKEE (CBS 58) -- Milwaukee city leaders are taking action to prevent federal change that could jeopardize home and business loans to low and moderate income people.
The Trump administration is considering changes to the Community Reinvestment Act also known as the CRA. The law passed in 1977 helps reduce discriminatory credit practices against low-income neighborhoods.
"We need to strengthen CRA regulations, not weaken them. We need to let the federal bank regulators know they must not weaken penalties for discrimination on the part of banks or weaken the voices or focus on low and moderate-income neighborhoods or low and moderate-income people," said Bethany Sanchez with the Fair Housing Council.
The Milwaukee Common Council recently passed legislation supporting the Community Reinvestment Act and modernizing the act in order to uphold its original intent.