A message from Citi Community Development – www.citigroup.com/community.
Bob Annibale, Global Director of Citi Community Development and Citi Microfinance, testified at the Community Reinvestment Act (CRA) Interagency Joint Public Hearing on July 19. The four federal agencies involved with regulating financial institutions* are conducting a series of hearings on potential changes to the CRA and we are pleased to have had the opportunity to provide testimony at the first session, along with a number of esteemed community partners.
Bob participated on a panel entitled “Industry Perspectives.” His remarks included the following points:
- Partnerships with community-based intermediaries that collaboratively expand access to banking services are essential to the goal of increasing savings among LMI communities and should receive increased consideration and additional weight under the CRA.
- In today’s economy, 33 years after the CRA was enacted, its approach does not fully promote the banking needs of LMI customers, which would include access to basic transaction and savings products.
- Having a basic transaction or savings account is the first step in creating a sustainable and sound financial foundation for all families and should be a policy objective, especially for significantly unbanked LMI communities. The CRA has a significant role to play in this regard.
Bob’s and the other panelists’ testimonies are available here.