WASHINGTON, D.C. — The Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) today proposed massive changes to the Community Reinvestment Act (CRA). In response, Center for Responsible Lending (CRL) President Mike Calhoun issued the following statement:
This plan would siphon away investment from the very communities in rural and urban America that most need those funds. It would discourage banks from providing financial services — mortgages, small business loans, and other investments — to families who have been left behind by our country’s economic changes. The Administration should reconsider this misguided approach.