A new approach to bank ratings would generate billions more for neighborhoods reeling from the pandemic
This white paper describes NCRC’s suggested rating system and discusses our forecasts of increased dollars for LMI neighborhoods.
CRA
NCRC supports House resolution to overturn new CRA rules
House Financial Services Committee Chair Rep. Maxine Waters (D-CA) and Rep. Gregory Meeks (D-NY), also a member of the Financial Services Committee, introduced yesterday a Congressional Review Act resolution to overturn the Community Reinvestment Act (CRA) rules finalized this month by the Office of the Comptroller of the Currency (OCC).
Resolution to protect the Community Reinvestment Act – To ensure that efforts to modernize regulations do not undermine the intent of the law
The following sample resolution provides the history, purpose, and some of the basic functions of CRA and includes the key principles that are critical to preserve in the on-going regulatory reform effort by the nation’s bank regulators. This template is a start and can be adapted by non-profits, localities, state legislatures and other governing bodies moved for immediate adoption. It should …
Comments on Proposed CRA Rule: Pause and Go Back to Drawing Board
An update is needed but not one that is hastily implemented and would weaken the law in a misguided effort to simplify and clarify CRA rules.
In Response to Groups’ Demand, OCC Releases Log of Comptroller Otting’s Calls With Bank Execs on Gutting of Anti-Redlining Rules
Administration Filed Log on the Last Day of the CRA Comment Period, Continues to Withhold Key Details and Substance of Communications from the Public. Democracy Forward, Community Development Orgs Call Out OCC’s Hollow Claims to Accountability, File Request for Full Records.
Study: Proposed Rule Changes to CRA Could Encourage Neglect of Entire Markets By Big Banks
Proposed rule changes to the Community Reinvestment Act (CRA) could encourage the neglect of entire markets by the largest banks, a new study found.
National and Community Groups Call on FDIC, OCC to Suspend CRA Rulemaking for COVID-19
A diverse coalition of community-based organizations called on the OCC and the FDIC to immediately suspend the comment period for the proposed changes to CRA until after the health and financial crisis brought on by the coronavirus global pandemic is over.
NCRC Applauds Federal Reserve, FDIC, OCC Efforts to Expand CRA Credit for Activities in Response to COVID-19
Today, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released a joint statement providing guidance to financial institutions on how they can receive credit on their Community Reinvestment Act (CRA) activities to low- and moderate-income people and communities affected by the coronavirus.
Study: Proposed Rule Changes to CRA Would Let Banks Lend Less to LMI Borrowers and Communities
Nearly all banks that earned passing marks under current rules would be able to reduce their mortgage lending to low- and moderate-income (LMI) borrowers and communities under new rules proposed for the Community Reinvestment Act (CRA), a new study found.
NCRC Applauds Federal Reserve’s Release of CRA Data
“We applaud the Federal Reserve’s release of CRA data. They are practicing transparency and we look forward to fully analyzing the data. We’re also curious what it may reveal or imply about the OCC and FDIC proposal. The OCC and FDIC have failed to release data they referenced in their rule proposal,” said Jesse Van Tol, CEO of NCRC.
Absurd Examples Of What Would Qualify For Community Reinvestment Act Credit Under Proposed Rule Changes
Here are some of the most absurd examples of what would qualify for Community Reinvestment Act (CRA) credit under rule changes proposed by regulators.
NCRC Submits FOIA Request for Missing Data in CRA Proposed Rule
Today, the National Community Reinvestment Coalition (NCRC) submitted a Freedom of Information Act (FOIA) request to the Office of the Comptroller of the Currency (OCC) for records related to the agency’s plan to revise Community Reinvestment Act (CRA) rules.
Initial NCRC Analysis of the FDIC and OCC Notice of Proposed Rulemaking Concerning the Community Reinvestment Act
In December 2019, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking (NPRM) that would considerably weaken the regulations implementing the Community Reinvestment Act (CRA), a law designed to combat redlining by requiring banks to affirmatively and continually meet community needs for …
Summary Fact Sheet on the OCC and FDIC CRA Proposed Rule
In the words of dissenting Federal Deposit Insurance Corporation (FDIC) Board member Martin Gruenberg, the FDIC and the Office of the Comptroller of the Currency’s (OCC) Notice of Proposed Rulemaking (NPRM) on the Community Reinvestment Act (CRA) “is a deeply misconceived proposal that would fundamentally undermine and weaken the Community Reinvestment Act.” The agencies would …
Summary Fact Sheet on the OCC and FDIC CRA Proposed Rule Read More »
Diverse coalition issues joint statement on proposed changes to Community Reinvestment Act
10 national civil rights and economic justice leaders, including NCRC, issue a strong statement against the government’s plan to weaken the Community Reinvestment Act
