The agencies should not undermine the effectiveness of CRA by designing new exams that do not effectively hold banks accountable for meeting credit needs of local communities.
Last week, the National Community Reinvestment Coalition (NCRC) joined with the Center for Responsible Lending (CRL) and the National Consumer Law Center (NCLC) to file an amicus brief in the Office of Comptroller of the Currency (OCC)’s appeal in Lacewell v. OCC in the federal Second Circuit Court of Appeals.
The Center for Responsible Lending, National Consumer Law Center, and National Community Reinvestment Coalition filed an amicus brief today in Lacewell v. Office of the Comptroller of the Currency (OCC), in support of the plaintiff, the New York State Department of Financial Services (DFS), against the OCC’s plan to issue “special purpose national bank” charters to nonbank lenders.
Today, the Office of the Comptroller of the Currency (OCC) announced a proposed rule on the true lender doctrine. Under the proposal, a bank is considered to be the “true lender” if it is named as the lender or if it funds the loan.
In the coming weeks, we expect the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to propose a rule for the “true lender” doctrine, an act that will have a negative impact on the ability of states to protect their residents from high-cost lending.
This white paper describes NCRC’s suggested rating system and discusses our forecasts of increased dollars for LMI neighborhoods.
In the middle of a worldwide pandemic and national crisis, the Office of the Comptroller of the Currency (OCC) has taken steps that could undermine the ability of states to protect their residents from the perils of high-cost loans.
The Office of the Comptroller of the Currency (OCC) announced long-anticipated changes to rules that enforce the Community Reinvestment Act (CRA). The Federal Deposit Insurance Corporation (FDIC) had previously joined the OCC in the rule-making effort, but it did not join in the final rule released today.
“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,” said Jesse Van Tol, NCRC CEO.
The Trump Administration’s banking regulators released a plan in December to upend the Community Reinvestment Act (CRA). Although released under the guise of being a modernization of the monumental civil rights legislation, Comptroller of the Currency Joseph Otting’s plan is a complete rewrite of the law.
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
Though the debate regarding the future of the CRA is with the federal regulators, we should not, and cannot, forget the role of our local communities and local governments, as they have the most to lose from potential changes to this vital law.
Banks want more certainty and easier exams, but points of consensus emerge.