Bank Reinvestment Crucial for Neighborhood Renewal
Since 1974 when the Community Reinvestment Act was enacted by Congress, federal oversight of financial institutions has included an examination of how well banks serve the low and moderate-income neighborhoods in their service area. Banks, by loaning money for home ownership, home improvement, and small business capital, make it possible for people to improve their neighborhoods.
In 2004, Sunflower Community Action began to examine the public reports Kansas banks file each year with federal regulators. These reports show how many loan applications were received and approved by census tract and race. Sunflower leaders have begun to meet with bank leaders who want to improve their Community Reinvestment Act performance.
Sunflower's bank partnerships provide a bridge to low and moderate income English and Spanish-speaking neighborhoods so banks can serve more customers better. Sunflower has signed a partnership agreement with Capitol Federal Savings, and is negotiating agreements with other area financial institutions.
J. J. Selmon is Sunflower's lead organizer on bank reinvestment. Contact him at 316-264-9972, ext. 12, or jason@sunfloweract.org
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