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Hsu will also answer questions from NCRC members.
The Office of the Comptroller of the Currency (OCC) is one of three federal agencies that regulate and oversee banks – including by setting and enforcing rules under the Community Reinvestment Act (CRA). CRA holds banks accountable to all the communities where they take deposits. CRA was passed in 1977 to end and reverse the impact of decades of intentional, explicit discrimination in lending and housing known as redlining. What CRA is supposed to mean for real people and communities: banks aren’t supposed to take your money as deposits and then use it to invest and lend in wealthier (or Whiter) communities.
The OCC therefore plays a crucial role in the work we all do to ensure the government keeps the promises it made in CRA. The opportunity to engage with Acting Comptroller Hsu is especially exciting at this key moment for our coalition. NCRC research has shown that the majority of communities that were redlined in the 20th Century are still lower-income and also predominantly communities of color.
It’s time for new CRA rules and tougher enforcement. It appears the OCC is on track to propose new rules jointly with the other agencies that supervise banks, the Federal Reserve and the Federal Deposit Insurance Corp. (FDIC).
An update on progress towards a jointly established CRA rule will be top of mind in this conversation. We also look forward to learning how the OCC can ensure bank mergers take community needs to heart, and are not just attempts to further boost shareholder profits – especially as NCRC’s research into bank branch closures across the US during the pandemic exposes some worrisome trends. One thing we know for certain: bank mergers cause bank branch closures, and bank mergers are happening at a rapid pace.
We hope you will join us at 1 pm ET on Monday February 14 for this important conversation. If you are an NCRC member, you can submit your question suggestions when you register for the event.
For more information and to register, visit here.
Hope to see you there!
Team NCRC
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