U.S. Rep. Luis Gutierrez (D-IL) has introduced a bill (H.R. 6334) that would make legislative changes to the Community Reinvestment Act (CRA), which requires banks to meet the credit needs of low- and moderate-income neighborhoods in their service area. The measure has been referred to the House Financial Services Committee. It would also make other changes to strengthen the act including by establishing an additional new community development test for financial institutions. Rep. Gutierrez chaired a House subcommittee hearing on CRA in April. Read More…