Just when you thought CRA couldn’t get more complicated – it just did!

Dear Banker,

If the 2022 CRA NPR has you confused think again. Congresswoman Maxine Waters has just proposed legislation that makes the situation all the more confusing. Ms. Waters has just introduced a bill that would change the definition of small business and would mandate every bank to have “Community Advisory Committees” consisting of “a diverse group of consumer, housing, community development, and other stakeholder groups” that must meet quarterly with bank executives.

The foregoing are only some examples of what Chairwoman Waters proposes in her legislation. If you want to get a peek at what’s coming down the HR 8833

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