OCC, FDIC Makes Prudent Choice With Extension of CRA Comment Period

Today, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) announced a 30-day extension to the comment period for the proposed changes to the Community Reinvestment Act (CRA). 

Jesse Van Tol, CEO of NCRC, made the following statement:

“Although the OCC and FDIC did not extend the comment period the additional 60 days that NCRC, our members and members of Congress called for several weeks ago, the agencies still made a prudent choice with a 30-day extension. The proposed changes to CRA rules are significant, complex and lack both clarity and data. The additional time is essential for anyone impacted by the rules to assess the extent of the proposed changes and how their communities and businesses will be affected. 

“I also hope the extension will give the OCC and FDIC the time they need to respond well before the comment period expires to our FOIA request for data that was referenced but missing from the proposal. This missing data is essential to understanding not only how the OCC determined its proposed changes, but also the likely outcomes of the changes. The extension isn’t helpful if the public remains in the dark about the government’s data and calculations, and it isn’t helpful if the public has no time to analyze and comment on that data.”

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1 thought on “OCC, FDIC Makes Prudent Choice With Extension of CRA Comment Period”

  1. The proposed changes to CRA are applauing. As a former regulator who wrote CRA Performance Evaluations these proposed changes will make it easier for institiutions to not extend loans to low-and- moderate income areas, individuals (predominantly minority & small businesses) and underserved rural communities. These changes will essentially leave our most vulnerable citizens behind. If these rules go into effect we are turning the back the hand of time. There is a higher risk for discrimination that could occur.

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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

Complete the form to download the full report: