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 »
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).
Today, the Senate failed to pass H.R. Res 90, which would have overturned new rules on the Community Reinvestment Act (CRA) finalized by the Office of the Comptroller of the Currency (OCC) in May. On a party line vote, Senate Democrats voted in support of the resolution that would nullify the OCC’s weakening of CRA rules, while Senate Republicans voted to keep them in place.
The Federal Reserve Board has issued an Advance Notice of Proposed Rulemaking (ANPR) on the Community Reinvestment Act (CRA). The ANPR proposes to build upon the existing CRA exam structure of separate tests for retail and community development activity.
On September 21, the Federal Reserve Board approved an Advance Notice of Proposed Rulemaking (ANPR) on the Community Reinvestment Act (CRA). As an ANPR, this document is not a proposed change to the Federal Reserve’s CRA regulations. However, it offers details about a rule change the Federal Reserve (Fed) is contemplating
Late Monday, the National Community Reinvestment Coalition (NCRC) and the California Reinvestment Coalition (CRC), represented by Democracy Forward and Farella Braun + Martel, responded to the Office of the Comptroller of the Currency’s (OCC) attempt to dismiss their suit challenging its dismantling of anti-redlining rules put in place to enforce the Community Reinvestment Act (CRA).
On Monday, the Federal Reserve Board of Governors approved a process to revise the rules banks must follow to comply with the Community Reinvestment Act (CRA), and an Advanced Notice of Proposed Rulemaking (ANPR) to begin that process.
“This is an encouraging step toward thoughtful updates to CRA rules, which are essential to ensure loans and investments from banks reach underserved minority and lower-income communities that have been especially hard hit by the coronavirus pandemic.”
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.
If it remains confined to banks, CRA will miss opportunities to make sure that securities services are offered equitably to low- and moderate-income communities.
if the Community Reinvestment Act (CRA) remains confined to banks, our nation’s underserved neighborhoods will have a harder time revitalizing. Banks are one part of the total financial industry and a shrinking part at that.
An antidote to discrimination, the Community Reinvestment Act says banks have an affirmative obligation to serve all communities. It’s time to extend that obligation to all of the financial sector, including insurance, securities and non-bank mortgage lenders.
NCRC continues to advocate for the inclusion of people and communities of color on CRA exams to address continued racial discrepancies in lending.
