In response to the Trump administration’s announcement that it intends to withdraw the 2023 Community Reinvestment Act final rule, the National Community Reinvestment Coalition (NCRC) released the following statement from President and CEO Jesse Van Tol:
“We’re very disappointed to see the Trump administration rescind the CRA rule. The bipartisan 2023 CRA rule was reached after years of engagement and input from banks and advocates alike, with major compromises and concessions. The rule would have brought the law into the 21st century, closed major gaps that allow banks to avoid investing in underserved areas both rural and urban, and created greater investments in affordable housing, small business development and community services – all desperately needed in this time.
“CRA has been the cornerstone of the affordable housing and community development finance infrastructure, motivating trillions of dollars of investment over its lifespan. The Administration had the opportunity to embrace the new rule as a major win for working class people. Now the cynics within the industry who have been throwing a three-year tantrum over these modest modernization efforts will find out whether the regulatory chaos they’ve won is really a world they want to operate in.”
