CONTACT: Bruce Davidson, 210-207-8998
Alex Sarabia, 210-207-8979
SAN ANTONIO (Nov. 20, 2018) — Mayor Ron Nirenberg rallied national support for preserving the Community Reinvestment Act (CRA) with a letter signed by 70 of his fellow mayors.
The attached letter was submitted to the Office of the Comptroller of the Currency during the public comment period for new regulatory rules. The coalition of mayors expressed their concern about changes that could undermine the effectiveness of the CRA and exacerbate economic inequality.
“As mayors, our work to promote economic opportunity is judged by real results, and the Community Reinvestment Act is an essential tool in the fight for equity and prosperity in every community,” stated Mayor Nirenberg.
“For more than 40 years, the Community Reinvestment Act has helped to ensure more equitable credit access to grow small businesses, invest in affordable housing, and expand overall economic output. The CRA was a federal response to “redlining” that used access to capital as a means to discriminate against people of color, immigrants, and lower-income communities,” the Mayor added.
“Mayor Nirenberg and his fellow mayors are showing critical leadership by speaking out about the importance of preserving the Community Reinvestment Act as a tool for economic opportunity and inclusion,” said Noel Poyo, Executive Director, NALCAB—National Association for Latino Community Asset Builders. “They understand that the CRA has an enormous positive impact in their communities and provides an important foundation for partnership with the banking industry."