On October 24, 2023, the federal banking agencies adopted a new Community Reinvestment Act (CRA) regulation that revolutionizes the obligations of banks with assets of $600 million or more. On this episode of Calling All Bank Directors, our guest Ken Thomas, a leading expert in CRA for many years, explains what boards of directors can do to support compliance with the new regulation.

AABD recorded this podcast episode prior to the filing of a lawsuit by various bank trade associations.

Unless the regulation is overturned or withdrawn by the agencies, bank boards and management of banks of $600 million or more will face huge challenges.

Ken is the president and CEO of Community Development Fund Advisors and author of the seminal book on CRA. He taught at Wharton Business School for 42 years and serves on the Board of Directors of a community bank.

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Thanks to our guest, Ken Thomas: https://www.communitydevelopmentfund.com/about/

Calling All Bank Directors is the podcast of the American Association of Bank Directors. AABD has been your advocate since 1989 and our podcast, hosted by AABD President David Baris, is designed to keep you well informed to help protect both you and your bank.

Questions? Contact dbaris@aabd.org.