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.”
NCRC statement on Federal Reserve vote to update CRA rules Read More »
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.
Principles for CRA Reform: Strengthen Exams for Banks Read More »
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.
Expanding CRA to Non-Bank Lenders and Insurance Companies Read More »
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.
This white paper describes NCRC’s suggested rating system and discusses our forecasts of increased dollars for LMI neighborhoods.
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.
NCRC applauds House passage of resolution to save anti-redlining law Read More »
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 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.
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
Analysis of the OCC’s Final CRA Rule Read More »
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).
NCRC supports House resolution to overturn new CRA rules Read More »
