Banks, broadband and CRA – financing innovation opportunity
Can banks meet Community Reinvestment Act (CRA) obligations by helping address high-speed broadband gaps and the digital divide? Participants in a recent Federal Reserve webinar said yes and provided tips on how.
CRA is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods and the webinar explained how financing broadband initiatives would qualify as an economic development tool that meets the CRA service tests. Our communities would benefit on a number of fronts.