In response to the announcement made today by federal bank regulatory agencies regarding their intention to rescind the 2023 final rule of the Community Reinvestment Act (CRA) and to reinstate the CRA framework that was in place prior to the October 2023 final rule, Rise Economy CEO Paulina Gonzalez-Brito issued the following statement:

“The FDIC’s move to rescind the 2023 Community Reinvestment Act (CRA) rule is a step backward — one that undermines years of community advocacy and signals disregard for the very neighborhoods the CRA was created to protect.

“We spent years working alongside our members, allies and legal partners to push federal regulators toward a stronger, more equitable CRA framework. While the final rule released in 2023 was far from perfect, it was the result of tireless organizing and legal action that prevented a disastrous 2020 rewrite from taking hold. Today’s decision erases that progress. We cannot reopen the door to unchecked disinvestment in underserved communities.

“This moment also underscores why state-level action is critical. A California Community Reinvestment Act is not just necessary; it’s urgent.

“We will continue to work to protect the CRA and to fight for a fairer financial system that puts community needs over corporate profits and for a fairer financial system.”