U.S. central bank governor calls for better access to credit for Native Americans

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Oct 13 (Businesshala) – Federal Reserve Governor Lyle Brainard said on Wednesday that U.S. financial regulators will try to improve Native American communities’ access to credit.

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“We will continue to focus and receive feedback on how to best encourage effective CRA (Community Reinvestment Act) activities in the Indian country, including to build climate resilience,” Brainard said in prepared remarks.

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Brainard was to speak to Oklahoma tribal leaders at the “Fed Listens” event, a series of gatherings meant to create opportunities for communities to tell Fed policymakers how they perceive the economy.

Brainard said the pandemic has worsened long-standing economic disparities between white and Native American families, with native homes and businesses facing greater challenges in obtaining loans, among other difficulties.

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Brainard did not comment on monetary policy or the outlook for the economy in his prepared remarks.

Reporting by Ann Safir; Editing by Cynthia Osterman

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