WASHINGTON, D.C. - Today, the Office of the Comptroller of the Currency (OCC) released the final version of a rule to modernize the Community Reinvestment Act (CRA). The Federal Deposit Insurance Corp., which jointly released the CRA proposed rule with the OCC, did not join in this final announcement. The Federal Reserve Board did not sign on to the proposed rule or the final rule. OCC Comptroller Joseph Otting also announced that he is stepping down from the agency.
Center for Responsible Lending Executive Vice President Nikitra Bailey released the following statement:
The final rule remains structurally flawed—and while the OCC does make some important changes, the agency falls woefully short in truly fulfilling the CRA’s mission. This important civil rights tool was designed to undue the injustices created by the horrific practice of redlining and to expand financial opportunity, equity, and help spur investments in underserved areas. Comptroller Otting’s ‘go at it alone’ action to weaken the CRA, in the middle of a devastating public health and economic crisis, will further harm low- to moderate-income families and communities of color who are once again hardest hit by COVID-19.
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