ABSTRACT

What are Banks Doing to Address the Impacts of COVID-19 on LMI Communities? 'Early Approaches to Addressing the Crisis'   [open html - 0B]

From the Article: "Banks play a key role in helping to alleviate the economic impacts of COVID-19 [coronavirus disease 2019] and have been encouraged to leverage their Community Reinvestment Act (CRA) activities in their response. [...] For this research brief, we conducted semi-structured interviews with community development officers across financial institutions in the Twelfth Federal Reserve District, collected additional responses via email, and examined a subset of online resources posted by banks to get a pulse on the early response of CRA-motivated institutions. We asked about changes to lending, services, and investments, whether the recent CRA guidance had spurred any changes to the ways banks were operating, how banks were prioritizing growing need, and ways banks were being responsive to evolving community conditions."

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Date:
2020-04-07
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Copyright:
Federal Reserve Bank of San Francisco
Retrieved From:
Federal Reserve Bank of San Francisco: https://www.frbsf.org/
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text/html
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