American Banker, May 21, 2020: Community groups plan to sue OCC over CRA rule
Three community reinvestment advocacy groups said Thursday they plan to sue the Office of the Comptroller of the Currency over its final rule to reform the Community Reinvestment Act, arguing that the agency flouted procedure and public feedback.
The joint statement by the National Community Reinvestment Coalition, California Reinvestment Coalition and Democracy Forward accuses the OCC of “unlawfully gutting” the historic anti-redlining law under the veneer of modernization.
“The OCC went against the majority of public comments and introduced new, gaping loopholes into the rules that will allow banks to reduce their focus on lower-income borrowers and communities, the very communities the law was intended to protect when it was passed in 1977,” said Jesse Van Tol, the chief executive of the NCRC. “It’s an administrative fiasco. We’ll see you in court.”
