Yesterday, the FDIC and OCC released their notice of proposed rulemaking (NPRM) for changes to the Community Reinvestment Act (CRA). This proposal utterly fails to achieve what were supposed to be the primary objectives of rule changes: greater clarity for lenders and better results for low- and moderate- income communities and people of color. It ignores the recommendations of our groups for changes that would bring safe and affordable credit to lowand moderate-income neighborhoods, including communities of color, that are bombarded with abusive and toxic lending. The proposal fails to fulfill the CRA’s original purpose. This important tool was designed to expand financial opportunity, equity, and help spur investments in underserved areas.
Read the full letter. (PDF)