Better Markets, November 1, 2021, Better Markets Applauds OCC Proposal To Rescind Its Seriously Flawed 2020 CRA Rule
Phillip Basil, Director of Banking Policy at Better Markets, issued the following statement:
“Better Markets has submitted a comment letter in full support of the Office of the Comptroller of the Currency’s (OCC) proposal to rescind its seriously flawed 2020 rule regarding the Community Reinvestment Act (CRA). We also joined the letters of the National Community Reinvestment Coalition and the U.S. Impact Investing Alliance.”
“The CRA requires the federal banking regulatory agencies to ensure the banks they supervise and regulate are serving the banking needs of the low-to-moderate income (LMI) communities in which they do business. The OCC’s 2020 rule was finalized without the participation of the other banking agencies—the Federal Reserve and the Federal Deposit Insurance corporation—and had numerous flaws. The senseless provisions of the rule have the effect of incentivizing banks to engage in activities that have a lower substantive impact on and divert financial activities away from LMI communities.”
