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OCC Finalizes Harmful Changes to CRA Regulations

The Office of the Comptroller of the Currency (OCC) on May 20 released a final rule to change 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 OCC and the Federal Deposit Insurance Corporation (FDIC) issued a proposed rule in December 2019 that received more than 7,500 public comments, the majority of which opposed the proposal. The FDIC decided not to join this final rule, and the Federal Reserve declined to join either the proposed or final rules. The OCC’s decision to move forward alone will create disjointed enforcement among financial regulators. Although the final rule makes some improvements from the proposal, the final rule will likely result in significantly fewer investments in low- and moderate-income neighborhoods and communities of color.

Read the OCC’s final rule at:

Read NLIHC’s April 8 comment letter on the proposed changes to CRA regulations at:

More about the Community Reinvestment Act in NLIHC’s 2019 Advocates’ Guide, page 7-39.