FDIC ComE-IN Panel to Discuss CRA Modernization, Equity Issues

WASHINGTON – The Federal Deposit Insurance Corporation’s (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) is set to convene next week for a crucial meeting, focusing on the proposed rulemaking to modernize the Community Reinvestment Act and addressing critical issues of equity in residential property valuation.

The committee will delve into the Notice of Proposed Rulemaking, aiming to update the Community Reinvestment Act (CRA), which was enacted in 1977 to encourage banks to meet community credit needs. The panel will also examine challenges related to equitable property valuations and appraisals, a contentious issue impacting underserved communities.

Joining the committee are five new members, each bringing a unique perspective:

• Steven Antonakes, Executive Vice President for Enterprise Risk Management at Eastern Bank in Boston, Massachusetts.
• Michael Calhoun, President of the Center for Responsible Lending in Washington, District of Columbia.
• Thomas Foley, Executive Director of the National Disability Institute in Berkeley, California.
• Brandee McHale, Head of Community Investing and Development at Citi and President of the Citi Foundation in New York, New York.
• Kenneth Kelly, Chairman & CEO of First Independence Corp and First Independence Bank in Detroit, Michigan.

In addition to these new members, the committee includes esteemed individuals such as Raphael Bostic, President & CEO of the Federal Reserve Bank of Atlanta; Lisa Mensah, President & CEO of Opportunity Finance Network; and Jennifer Tescher, President & CEO of Financial Health Network.

The meeting will be webcast live at http://fdic.windrosemedia.com starting at 1:00 p.m. ET on June 28th.

Established in November 2006, ComE-IN advises the FDIC on initiatives to expand banking access for underserved populations. For more information, visit http://www.fdic.gov/about/comein/.

RELATED: FDIC Watchdog Group Meets Amid Banking Access Concerns