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Assembly committee advances state Community Reinvestment Act bill to Appropriations
Summary
The Assembly Banking and Finance Committee voted to pass AB 801 as amended, a measure authored by Assemblymember Bonta to establish a California Community Reinvestment Act, sending the bill to the Appropriations Committee after a day of extensive testimony both supporting and opposing the measure.
Assemblymember Bonta’s measure to create a California Community Reinvestment Act (AB 801) cleared the Assembly Banking and Finance Committee on a voice/roll vote and was referred, as amended, to the Committee on Appropriations.
The bill seeks to establish a state-level Community Reinvestment Act requiring covered financial institutions to meet the credit and investment needs of low- and moderate-income communities and communities of color, and directs the Department of Financial Protection and Innovation (DFPI) to conduct a disparity study and evaluate institutions’ community investments. “I’m pleased to present my bill AB 801, which seeks to create a state level Community Reinvestment Act,” Assemblymember Bonta said in opening remarks.
Supporters told the committee the bill would close gaps left by the federal statute. “The federal CRA has driven billions of dollars into historically underserved communities,” Paulina Gonzalez Brito, chief executive officer of Rise Economy, said. She told the committee Rise Economy’s alliance helped secure “$116 billion in the…
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