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.
TreasureCRA
NCRC applauds House passage of resolution to save anti-redlining law
Today, the House of Representatives voted to pass H.J. Res 90, which disapproves of the Office of the Comptroller of the Currency’s (OCC’s) new Community Reinvestment Act (CRA) rules. If the resolution is passed into law, it would make the CRA final rule null and void.
Community Reinvestment Groups Sue Trump Administration For Unlawfully Gutting Anti-Redlining Rules
Today, the National Community Reinvestment Coalition (NCRC) and the California Reinvestment Coalition (CRC), represented by Democracy Forward and Farella Braun + Martel, filed suit against the Office of the Comptroller of the Currency (OCC) for unlawfully eviscerating the vital anti-redlining rules put in place under the Community Reinvestment Act (CRA).
The OCC’s new emphasis on essential infrastructure will divert banks from low- and moderate-income neighborhoods
The poorly conceived addition of infrastructure as eligible community development will at best be under-utilized and at worst a giant sucking sound draining resources from LMI neighborhoods and even threatening some of them with physical destruction.
Analysis of the OCC’s Final CRA Rule
The Office of the Comptroller of the Currency (OCC) released their Community Reinvestment Act (CRA) final rule on May 20. It will lessen the public accountability of banks to their communities by enacting performance measures on CRA exams that will be complex and opaque, while at the same time over-simplifying how to measure a bank’s …
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 …
Do CRA Ratings Reflect Differences in Performance: An Examination Using Federal Reserve Data
Key Findings Better outcomes on the retail lending test usually corresponded to higher ratings but the differences in performance were not as wide as expected Performance measures used to assess community loans and investments tended to indicate greater differences in bank performance across ratings categories This paper suggests the need for refining performance measures and …
NCRC Comment Letter on Monzo’s Charter Application
(Download) May 21, 2019 RE: NCRC Comment Letter on Monzo’s Charter Application To Whom it May Concern: The National Community Reinvestment Coalition (NCRC) maintains that Monzo’s charter application has not demonstrated a significant commitment to meeting the convenience and needs of the community to be served as required by the Community Reinvestment Act and the …
NCRC Comment Letter on Monzo’s Charter Application Read More »
Joint Statement On CRA Rule Changes From OCC
A group of 18 civil rights, consumer protection and industry leaders issued the following joint statement: Today, the Office of the Comptroller of the Currency (OCC) announced long-anticipated changes to rules that enforce the Community Reinvestment Act (CRA). The Federal Reserve Board decided not to join the proposed rule and has offered alternative approaches. The …
Summary Fact Sheet on the OCC’s Final CRA Rule
The Office of the Comptroller of the Currency’s (OCC) final Community Reinvestment Act (CRA) rule released on May 20 would lessen the public accountability of banks to their communities by enacting performance measures on CRA exams that would be complex and opaque while at the same time over-simplifying how to measure bank’s responsiveness to local needs.
Community Orgs to Trump Administration on CRA Rule: “We’ll See You In Court”
The National Community Reinstatement Coalition (NCRC), the California Reinvestment Coalition (CRC) and legal oversight group Democracy Forward announced today they intend to sue the Office of the Comptroller of the Currency (OCC) for unlawfully gutting the Community Reinvestment Act (CRA).
OCC Announces Final CRA Rule Changes, Moves Alone, Without FDIC or Federal Reserve
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.
Senate Banking Committee Highlights CRA in Oversight Hearing of Federal Banking Regulators
Members of the Senate Banking Committee today questioned why, in the middle of the COVID-19 crisis, bank regulators are moving forward with proposed changes to the Community Reinvestment Act (CRA) that would cripple COVID-19 recovery efforts in low- and moderate-income communities and communities of color.
NCRC Urges Senate Committee to Pressure OCC, FDIC to Drop Proposed Changes to CRA
On Tuesday, May 12, 2020, the Senate Committee on Banking, Housing and Urban Affairs is scheduled to conduct a virtual hearing on the oversight of financial regulators, with testimony from Office of the Comptroller of Currency’s (OCC) Comptroller Joseph Otting and Federal Deposit Insurance Corporation Chairman Jelena McWilliams.
