CRA

Flawed FDIC Industrial Loan Charter final rule will undermine CRA, allow lenders to evade state consumer protections

This week, the Federal Deposit Insurance Corporation (FDIC) announced a final rule on industrial banks and industrial loan companies (ILCs), allowing nonbank parent companies to apply for and receive ILC charters, enabling these lenders to make loans across the country with narrow and insufficient community reinvestment obligations.

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 …

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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. 

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.

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 …

Initial NCRC Analysis of the FDIC and OCC Notice of Proposed Rulemaking Concerning the Community Reinvestment Act Read More »