Community Reinvestment Act: rework or revamp?

Michael Nonaka is quoted in International Financial Law Review regarding the potential modernization of the Community Reinvestment Act of 1977. Mr. Nonaka says, “It’s important to make sure that with new innovative technologies and people using smartphones and the internet to connect with banks, that all those services are tracked for purposes of CRA premise. The theory is that it is a relatively old law, the regulations are updated periodically but not that often, and people want to make sure that it is indicative of the way that consumers are getting bank services in the modern era."