There is debate on whether the Community Reinvestment Act helped fuel the subprime problems of today. Personally, I think the current economic woes have more to do with prolonged low interest rates or even with the repeal of the Glass-Steagall Act in Gramm-Leach-Bliley. Nevertheless, whether you believe the CRA contributed or not, it is what it is and banks must comply.
And as you well know, promoting financial literacy is one way to comply with the Community Reinvestment Act. Because April was officially designated financial literacy month in several states, as well as the month the American Bankers Association chose for Teach Children to Save Day (April 29), we thought it was a good time to debut a financial literacy/CRA web page on Banknews.com.
Included on this page is a section on CRA compliance, the latest news concerning CRA and financial literacy, examples of what other banks are doing to promote financial literacy, a state-by-state list of links to organizations in your area that support financial literacy, as well as lesson plans and games to play with children.
For example, there is a link on the web page to a game called Financial Football, sponsored by Visa and the National Football League. To play the game, classrooms divide into two teams that compete by answering finance-themed questions to earn yardage and score touchdowns.
If you have a certain age group you would prefer to work with, there is a link to Wi$eUp, which is a program designed for Generation X and Y women. You will find a link to Mastering Money, which offers a financial literacy crash course for high school students.
In the section on CRA compliance, you will find links to exam procedures, bank ratings, a study debating whether CRA compliance can be profitable and more.
Click this financial literacy logo. We hope this webpage will be a useful resource to you in your CRA compliance, as well as inspire you to promote financial literacy not just in April, but throughout the year.