The Economic Leadership Council is calling on friends, family, business owners, entrepreneurs and all registered voters to use their civic power by signing this petition in an effort to demand an extension to the comment period. The OCC is now accepting comments for the next week on its proposed changes - until the deadline of April 8th.

This will allow more people to be informed and participate in having their voice be heard. Banking regulators have a legal and moral obligation to hear from everyday Americans. Extending the public comment period will allow us to share our thoughts to the Federal Register, The Department of Treasury, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation on the type of lending products and services we would like to see in our own community.

The Community Reinvestment Act (CRA) was originally passed as one of the civil rights laws of the 70s. This was a response to the systemic redlining, discrimination, and disinvestment tactics that blocked many people of color from creating wealth. The CRA requires banks to lend and provide equitable services and support to community development initiatives where the bank is actually located and does business.

The current modernization of the CRA regulation now proposes drastic amendments to the rules that actually implement the community reinvestment act.

Failing to act will permanently leave some of the most vulnerable communities out of the economic plan, ultimately creating ineffective local ecosystems. These changes will have an major impact on:

• Bank branches and affordable accessible banking products
• Affordable mortgages to buy a home or stay in a home
• Loans to help small businesses operate and expand
• Financing for affordable housing, economic development, and community services – the Low-Income Housing Tax Credit (LIHTC) is just one exampl
• Investments in Community Development Financial Institutions (CDFIs) and credit unions that serve individuals, nonprofit developers and small businesses.
• Philanthropic grants to nonprofits that develop, advocate for, and support affordable housing, economic development, financial empowerment, and community services

Access to capital is essential to every local economy. Congressman Gregory Meeks of the 5th congressional district, Chairman of the House Subcommittee on Consumer Protection and Financial Institutions held a hearing to call attention to the lack of banking options that exist within southeast Queens.

New York State Senator James Sanders Jr., of the 10th senatorial district, Chairman of Committee on Banks has also hosted a hearing regarding his public banking legislation where if enacted (S5565) would create a uniform charter for municipal, county and city public banks that would hold municipal deposits and leverage those dollars to serve local communities.

Successful banking has the ability to create wealth at the local level. The COVID-19 pandemic has shut down many banking services that was already limited in Southeast Queens. Communities are now on the margins of the economy than ever before. We have to act now. Support this movement. Let your voice be heard. Share your banking testimonies on social media to your friends and family and hashtag #cra4us.