In May 2019, the National Community Reinvestment Coalition (NCRC) filed a comment opposing the application and noted then that the company had not provided a complete plan to meet its community reinvestment obligations.
Yesterday, President Biden announced the nomination of Cornell Law School Professor Saule Omarova to be the next Comptroller of the Currency.
The OCC proposed to fully rescind the 2020 CRA rule and also restated the agency’s intent to draft new rules jointly with the Federal Reserve Board and FDIC.
Today, the Office of the Comptroller of the Currency (OCC) announced it will propose to rescind its controversial Trump-era rules weakening the Community Reinvestment Act (CRA) and work with other banking regulators to adopt a clear, strong and consistent update to the CRA.
The True Lender rule, originally finalized in October 2020 by the Office of the Comptroller of the Currency (OCC), permitted national banks to use their charters to facilitate high-cost loans through rent-a-bank relationships with predatory lenders.
The National Community Reinvestment Coalition (NCRC) applauds the outcome of today’s bi-partisan 52-47 Senate vote on S.J. Res. 15, a resolution to reverse the Trump-era True Lender Rule. The rule, finalized in October 2020 by the Office of the Comptroller of the Currency (OCC), allows national banks to use their charters to help predatory lenders get around state laws that protect borrowers from exorbitant interest rates.
We look forward to working with new Acting Comptroller Hsu. The OCC has a great deal of work ahead. It has taken a number of missteps in the past few years that should be reversed, and that work must get underway as soon as possible.
The following are principles of reform; if the agencies contradict or contravene these principles, we will oppose any additional regulatory changes just as we have opposed the OCC final rule. Reforming CRA must not become a pretext for relaxing CRA.
“The harm caused by the Trump Administration’s unlawful evisceration of anti-redlining rules is real and urgent. We are pleased the court rejected the Trump Administration’s shameful attempt to evade accountability for gutting a crucial anti-redlining law. We will continue to press forward in our case to protect marginalized communities and return the protections of the Community Reinvestment Act from the Trump Administration’s continued unlawful grip.”
For instructions and NCRC’s sample comment letters, please visit:
www.ncrc.org/TreasureCRA
Yesterday, the Office of the Comptroller of the Currency (OCC) released a proposed rule for establishing the Community Reinvestment Act (CRA) evaluation measure thresholds, retail lending distribution test thresholds, and community development minimums under the general performance standards set forth in the agency’s 2020 final rule.
The OCC has proposed yet another data collection effort to develop thresholds for its flawed 2020 Community Reinvestment Act final rule. This is another tacit admission by the OCC that all along it has lacked the data and factual basis for developing its flawed revisions to CRA examination performance measures. Instead of creating more consistency …
Initial NCRC Analysis of OCC Proposal to Establish Thresholds for its New CRA Measures Read More »
The undersigned trade associations and organizations representing banks, credit unions and consumer interests write to share our concern with the brevity of the public comment period provided for recent novel national bank and national trust charter applications. The charters are not new, but the utilization of those existing charters by non-traditional applicants is significant.
Monday, the Office of the Comptroller of Currency (OCC) published a final rule amending its licensing and merger procedures that will make it more difficult for community groups to comment on bank merger applications. Jesse Van Tol, CEO of the National Community Reinvestment Coalition, made the following statement: “It appears the OCC is doubling down …
OCC announces final rule to amend licensing procedures Read More »
On Tuesday, the Office of the Comptroller of the Currency (OCC) granted a conditional approval to Social Finance, Inc. to create a nationally chartered bank called SoFi Bank despite opposition from national community groups, including the National Community Reinvestment Coalition (NCRC).
