Advocates are encouraged to use or adapt the text of the letter in their own communications with policy-makers on this issue. Rural America remains in desperate need of affordable credit. CRA has been a law that has significantly expanded access to credit in rural areas of our country. Despite this increased access, there remain serious gaps and unmet needs in ensuring credit access to all rural Americans. Farmers are facing the worst financial conditions in more than a decade due to declining commodity prices.
Rural areas continue to suffer from a serious shortage of affordable housing.
Rural Americans continue to need the tools of the CRA to ensure accountability of their local lending institutions. CRA helps to meet the credit demand of millions of family farmers, rural residents, and local businesses. We strongly oppose three provisions in the Senate Banking Committee reported bill which would have particularly negative consequences for our communities. This provision would essentially eliminate the public's opportunity to comment on a bank's performance in meeting the credit needs of its communities. Rural residents play an important role in bringing CRA performance issues to the attention of regulators and making banks responsive to community needs.