NCRC applauds Trade Groups’ Call on the OCC to Withdraw Flawed CRA Rules

Yesterday, the American Bankers Association (AB), together with several other trade associations, called on the Office of the Comptroller of the Currency (OCC) to withdraw the agency’s Community Reinvestment Act (CRA) rule change made final in May 2020; instead asking for all three banking agencies to work together on new rules. 

Jesse Van Tol, CEO of the National Community Reinvestment Coalition (NCRC), made the following statement:

“This has been a bad week for the OCC’s disastrous CRA rule. First, we won our preliminary battle in federal court by demonstrating that we have standing to sue the agency. And now, the trade organizations that represent bankers have also called for the OCC to withdraw its rule. 

“I think it is clear what the new Biden Administration must do. Just like other Trump Administration policies that have been rescinded or replaced, it is time to do the same for the OCC’s CRA rule.

“The Federal Reserve has an advanced notice of proposed rulemaking (ANPR) for CRA currently on the table. While we would like to see some aspects of their approach strengthened, we believe the Fed’s ANPR is a good starting point to bring the agencies together and produce a unified rule.”

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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