Dear NCRC members and allies,
Late yesterday, the Office of the Comptroller of the Currency (OCC) announced it will propose to rescind its controversial Trump-era rules weakening the Community Reinvestment Act (CRA) and work jointly with other banking regulators to adopt new CRA rules.
The 2020 CRA rules set by the OCC were a mess, a regulatory failure, and a transparent attempt to weaken the law and make it less effective by easing up on requirements for banks to meet the credit needs of all the communities where they do business. We sued the OCC to cancel the rules, and yesterday the agency announced it would do just that.
Here's more about the news from NCRC CEO Jesse Van Tol.
The move to start over and work jointly with the Federal Reserve and FDIC on new rules is a huge victory for NCRC and all our members and allies who challenged the 2020 rules, submitted comments and helped spread the word in the middle of a historic pandemic.
CRA compliance rules are technical, complex and off the radar for most people, but they influence trillions of dollars in local lending for mortgages and small businesses.
Our #TreasureCRA campaign is far from over. Now we've got to rally again to ensure new rules truly modernize and strengthen CRA enforcement so lenders focus on the financial needs of borrowers and communities where they do business and take deposits. Rooting out discrimination in lending and expanding access to credit is also critical for families and communities of color who were disproportionately impacted by the pandemic and who now face a longer road to financial recovery.
Thank you for your participation and continued interest in our work. We need you now more than ever, and we need to continue growing our coalition and network of allies and supporters. We hope you'll become an NCRC member.
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With gratitude,
Team NCRC
PS: Learn more about membership at our new member webinar at 1 pm ET TODAY to learn more. Register here.
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