There is too much at stake.

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Dear NCRC Family,
The moment we have all been anxiously awaiting has arrived. Today, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released their notice of proposed rulemaking (NPRM) ([link removed][UNIQID]) for changes to the Community Reinvestment Act (CRA). While NCRC is currently analyzing the NPRM, preliminary assessments are alarming.

The FDIC and OCC chose to move forward with CRA reform without unified support from all three bank regulatory agencies. Also, in order to get the FDIC to approve the OCC’s framework, the FDIC was granted a carve-out for many of their banks, which gives them the option to opt-out of the new regulations. Both of these actions do nothing but lead to confusion, inconsistencies and further challenges - exactly what CRA reform was supposed to address.

Discrimination in lending is still widespread and devastating for families and their communities. And yet 98% of banks pass their CRA exams. Taking steps to weaken the rules makes no sense. New rules should clarify the compliance process and assist low-and moderate-income (LMI) borrowers in communities where CRA-based lending can make the biggest impact. Neither of these imperatives are helped by weakening the rules regulators have set in the past.

If you aren't sure why CRA matters or just want to learn more about this pivotal civil rights legislation, visit our TreasureCRA ([link removed][UNIQID]) page and read NCRC CEO Jesse Van Tol's statement ([link removed][UNIQID]) .
Stay tuned for future updates!
Team NCRC

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