Billionaire Club Co LLC, March 3, 2022, Community Reinvestment Act (CRA) Definition
The Office of the Comptroller of the Currency in May 2020 issued a final rule to “strengthen and modernize” existing Community Reinvestment Act regulations. According to a news release, the proposed changes received more than 7,500 comments from stakeholders in response to the notice of proposed rulemaking announced on Dec. 12, 2019.
Critics such as the National Community Reinvestment Coalition said the new rule would reduce banks’ public accountability to communities by limiting consideration of bank branches and bank deposit accounts in communities. But Otting said it “strengthened and modernized” the law, saying the final rule increases credit for mortgage origination to promote affordable mortgage availability in lower and moderate-income areas.
