Urges Congress to oppose proposed federal regulatory changes to "Community Reinvestment Act."

ACR 62 is a New Jersey Assembly resolution urging Congress to oppose proposed federal regulatory changes to the Community Reinvestment Act (CRA). The bill states that current CRA rules require banks to meet credit needs in low- and moderate-income (LMI) neighborhoods and have increased lending to these areas (e.g., 39% growth in LMI loans from 1993-1998). It specifically opposes Trump-era proposals that would allow banks to: (1) get CRA credit for stadium improvements in LMI areas, (2) count middle-income housing in wealthy areas toward CRA goals, and (3) offer financial education to all income levels instead of focusing on LMI communities. The resolution directly affects LMI neighborhoods, minority-owned businesses (which face higher loan denial rates), and women entrepreneurs (receiving only 4% of small business loans).