HousingWire, November 6, 2023, Bank Regulators Issue New Community Reinvestment Act Rule
The Office of the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation issued on Tuesday a new rule to modernize the 1977 Community Reinvestment Act (CRA), which addresses systemic inequalities in access to credit.
Jesse Van Tol, president and CEO of the National Community Reinvestment Coalition (NCRC), said in a statement the new rules are an “important step forward.” However, NCRC will also be “poring over this vast document with a keen eye for areas where rule-makers may have fallen short — including on the explicit consideration of race in CRA implementation.”
Van Tol said it’s a “disappointment that these new final rules still fail to make the racial wealth equity goals of the law explicit, even as the agencies appear to have made great strides in fixing a broken system that permitted blatantly discriminatory banks to receive ‘outstanding’ grades for atrocious performance.”
