NLIHC submitted a comment letter on April 8 opposing the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Corporation’s (FDIC) proposed changes to Community Reinvestment Act (CRA) regulations. The CRA, enacted in 1977, established responsibilities for banks to meet the credit needs of low- and moderate-income (LMI) neighborhoods as a way to combat redlining. The Trump administration’s proposed rule would result in significantly fewer investments in LMI neighborhoods and communities of color, change the definition of affordable housing to focus more on middle-income households, and reduce the public accountability of banks. The letter urges the OCC and FDIC to withdraw their proposal and maintain the current CRA regulations.
Read NLIHC’s comment letter on the proposed changes to CRA regulations at: https://tinyurl.com/tml6zs2
More about the Community Reinvestment Act is in NLIHC’s 2019 Advocates’ Guide on page 7-39.