DALLAS — A coalition of community groups is forming in Dallas, taking advantage of momentum from a WFAA investigation showing 20% of banks in the county do not serve the largely minority communities below I-30.
You can see the investigation here.
Under a law called the Community Reinvestment Act, or the CRA, banks are supposed to meet the credit needs of the entire community. When that does not happen communities can organize and apply pressure.
The National Community Reinvestment Coalition, or NCRC, has successfully organized communities across the country and is now focusing on Dallas. It provides data, experience and guidance in how to take advantage of the CRA and encourage banks to lend more money in underserved communities.
“CRA is the key to open up the door to better relationships with financial institutions,” said Zo Amani, the CRA Coordinator at NCRC.
Locally the effort is being organized by Southern Dallas Progress, a non-profit with a mission “to empower, enable and support community members in their efforts to revitalize Southern Dallas communities and neighborhoods.”
Amani says bringing a diversity of community groups together to start a dialogue with banks can and has worked to improve the flow of capital.
“I do think financial institutions generally want to build better communities, vibrant communities, especially in this current moment,” he said.
To learn more about local organizing efforts contact Amani or James McGee, President of Southern Dallas Progress.
