Banks Benefit From Fighting Nursing-Home Crime
Banks win community reinvestment points for installing lockboxes
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Banks have found an unusual way to comply with the Community Reinvestment Act (CRA), the federal law requiring them to bolster the economies of low-income neighborhoods: They’re funding a program dedicated to fighting crime in nursing homes.
While critics say the program circumvents the spirit of the CRA, backing by U.S. financial regulators has helped the Senior Housing Crime Prevention Foundation sign up 250 banks in 47 states to lend or invest almost $350 million for its Senior Crimestoppers program. The money pays for personal lockboxes for nursing home residents, a 24-hour crime-reporting hot line, and entertainment including karaoke machines and video game systems.