Empire Justice Center opposes the proposed changes to the Community Reinvestment Act (CRA) regulations. This proposal by the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) lessens the public accountability of banks to their communities by broadening the performance measures on CRA exams so that they do not accurately measure a bank’s responsiveness to local needs. Contrary to the agencies’ assertions that their changes would increase clarity and CRA activity, the result will be significantly fewer loans, investments and services to low-moderate income (LMI) communities. Empire Justice reserves the right to submit additional comments before the end of the comment period.
Read full comments here: Comments on Notice of Proposed Rulemaking, Community Reinvestment Act Regulations