--forwarded message-- Center for community Change Policy Alert # 153 April 16, 1999 [excerpts on CRA]

COUNTDOWN CONTINUES ON CRA AND FINANCIAL MODERNIZATION BACKGROUND: The countdown continues towards key votes on "financial modernization" legislation in both the House and Senate. The full Senate is expected to vote on S. 576, the Gramm bill, the first or second week of May. This is the bill that would exempt rural banks with assets under $100 million from CRA, and provide a "safe harbor" from CRA-related comments for all banks with satisfactory or better CRA ratings. Following on the heels of the Senate vote, the House Commerce Committee is expected to take up H.R. 10, the version of "financial modernization" that was voted out of the House Banking Committee in March. The House bill doesn't contain the direct attacks on CRA that are in the Gramm bill, but it does fail to modernize CRA to keep pace with the changes the bill will make in this country's financial services system. For more details about the bills and the legislative action that has occurred so far in this Congress, see Policy Alerts 147 and 148. ACTION NEEDED: Calls and letters to Senators, and to members of the House Commerce Committee, are much needed. Members of Congress hear from financial industry lobbyists regularly - CRA supporters need to communicate their message regularly, too. Editorials and op ed pieces supporting CRA, and positive press stories about the impact CRA has had in your community, are also very helpful. We'd appreciate getting copies of any letters you send or press you generate. MATERIALS AVAILABLE: CCC has some materials available to help you in your communications with members of Congress and the press. You can get these on our website at www.communitychange.org, or through our fax-on-demand system (call 1-800-937-1093) and request the document number listed here. Documents available include: * side-by-side comparison of the House and Senate bills (doc. # 1150), * tally sheet showing the votes in the House Banking Committee on key CRA-related amendments to H.R. 10 (doc. # 1149), * fact sheet on the small bank exemption in the Senate bill (doc. # 1151), and * talking points on the safe harbor provision in the Senate bill (doc. # 1152). FOR FURTHER INFORMATION CONTACT: Debby Goldberg at CCC's Neighborhood Revitalization Project at 202/342-0567 or goldbergd@commchange.org.