Gregory Meeks: “as we seek to provide banks and other financial companies with an environment that would allow them to expand their…”

“as we seek to provide banks and other financial companies with an environment that would allow them to expand their powers and become more competitive globally, it is our responsibility to make certain that our constituents, the financial institutions' customers, are also provided with an environment that would allow them to prosper. Since 1977, banks and thrifts have made over $1 trillion in loan pledges to low-income areas. CRA investments have been widely credited with dramatically increasing home ownership, restoring distressed communities, and helping small businesses and meeting the unique credit needs of rural America. I cosponsored an amendment offered in the Committee on Banking and Financial Services that would make bank affiliates that sell bank-like financial products subject to CRA review on those products. If they want to play on the same ball field they have to play by the same rules. If this amendment is enacted in the House, on the House floor, bank affiliates will be pleasantly surprised to see that the same result will occur as my banking colleagues did; there is a profit to be made in low-income rural and minority communities. CRA has been good for banks and great for our communities.”