[Congressional Record Volume 145, Number 85 (Wednesday, June 16, 1999)]
[House]
[Page H4348]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 EXPAND THE COMMUNITY REINVESTMENT ACT

  (Ms. SCHAKOWSKY asked and was given permission to address the House 
for 1 minute and to revise and extend her remarks.)
  Ms. SCHAKOWSKY. Mr. Speaker, I would like to share an example of how 
banks and community groups are using the Community Reinvestment Act, an 
act now under attack, to expand access to the financial mainstream.
  Last summer First National Bank of Chicago made an agreement with the 
Chicago CRA Coalition to invest $4.1 billion in low- and moderate-
income Chicago communities over the next 6 years. The bank recently 
opened a new full service branch in Dominick's Supermarket in the North 
Lawndale neighborhood on Chicago's West Side.
  First National began pilot projects in North Lawndale and two other 
branches to expand low-cast checking accounts. At the same time, the 
bank and community groups sponsored financial literacy workshops for 
area residents.
  In the last few months, dozens of persons who previously would have 
been denied the opportunity to open a bank account have opened checking 
and savings accounts, depositing thousands of dollars.
  The Community Reinvestment Act is under attack. Why? I do not know 
the answer to that question, but I know that what we should be doing is 
protecting, expanding, and strengthening CRA.

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