Many grassroots organizations and elected political officials have worked tirelessly to enact legislation to assist Americans in rural and urban areas with access to adequate banking services. In part those efforts have resulted in the creation of the Community Reinvestment Act (CRA). This act has provided many Americans with the opportunity to own their own home. In many instances, without the products and services afforded them through this act, home ownership, would not have been possible.

The Office of Thrift Supervision (OTS) threatens to compromise the effectiveness of the Community Reinvestment Act (CRA).

Savings and Loans institutions have been in the forefront of mortgage lending throughout the nation. In many areas they represent the only viable choice for a consumer.

This could all change with the stroke of a pen, if OTS is allowed to move forward with its planned proposal. The proposal is an attempt to fragment the compliance process and allow for thrifts with a billion or more in assets to set their own criteria for determining what community needs they choose to meet, an option that does not exist currently. Current assessments could necessitate the opening of a branch or branches, placement of an ATM or kiosk, as well as special product offerings, such as low interest loans and no private mortgage insurance.

CRA was designed to ensure that the banking needs of low to moderate income communities in urban and rural areas, were being met. OTS' proposal would undermine and weaken CRA legislation, by allowing savings and loans to receive CRA credit for assisting upscale communities with banking services. Thereby effectively creating a loophole within the CRA program, should an institution wish to opt out of serving the under-served.

January 24, 2007 was the cutoff date for you to register your opinion with OTS. However, the vote is not in and you can contact your representatives in Congress and in the Senate to voice your opinion. Spread the word in the communities that you serve, there's a call to action!