Closing the Digital Divide A Framework for Meeting CRA Obligations
July 26, 2016 / Source: Dallas Federal Reserve
The Dallas Federal Reserve published a toolkit for bankers seeking to bring digital opportunity to underserved, rural and tribal communities through access to high-speed broadband. Bank investments as well as partnerships with local governments, nonprofits and educational groups can help ensure equitable access to the growing digital economy.
The purpose of this publication is to provide financial institutions:
- An understanding of how broadband is now an integral part of community development and meets the "primary purpose" definition of the Community Reinvestment Act (CRA).
- A road map of best practices for closing the digital divide. PART THREE: A selection of references and examples to help identify opportunities to close the digital divide in their communities.
- A list of tips for preparing their case for digital opportunity investments and CRA reference guides to help ensure planned CRA activities meet regulatory requirements.
- A template to make their case, which highlights the types of lending, service and investments that are valuable to their institution and target communities.
- Appendixes of broadband resources for understanding the needs and opportunities in their assessment areas.