Federal Reserve Bank of Minneapolis President Neel Kashkari and the Board of Governors of the Federal Reserve System held a virtual event on January 21, 2021, to learn about Community Reinvestment Act (CRA) modernization and hear feedback from Indian Country.
The Federal Reserve System is working to reform CRA regulations, which encourage financial institutions to meet the credit needs of the low- and moderate-income communities they serve. The Center for Indian Country Development, housed at the Minneapolis Fed, is gathering feedback from tribal nations across the U.S. to make sure that a modernized CRA is responsive to the needs of tribal nations and Indigenous people. Tribes have enormous unmet capital needs, and the COVID-19 pandemic has exacerbated an already challenging landscape for financial access in Indian Country.
Indian Country feedback on the modernization process is essential to ensure that CRA regulations are appropriate for and in proportion to the needs of Indian Country. We encourage you to voice your comments and questions about the modernization proposal during this important conversation. We encourage you to provide written comments about the proposal at any time before February 16, 2021.
- What are the capital, credit, and community development needs in Indian Country?
- What are the biggest barriers to accessing lending and financial services in your community?
- If your community had better access to lending and financial services, which services would be the most impactful?
- What has your tribal government’s experience been with engaging financial institutions on large infrastructure projects?