The Community Reinvestment Act: Reviewing Who Wins and Who Loses with Comptroller Ottings Proposal

by Sharon Garcia January 13, 2020

Written testimony submitted by Noel Andrés Poyo, Executive Director
NALCAB – National Association for Latino Community Asset Builders

Presented to the Subcommittee on Consumer Protection and Financial Institutions: January 14, 2020

“Mr. Otting’s proposal will effectively gut the CRA. It will be particularly harmful to rural communities and will reduce investment in the community development finance sector. The overall effect of Mr. Otting’s proposal will be to lower the bar for banks to meet their community reinvestment obligations. NALCAB is recommending that its Network Members object to the approach to CRA modernization embodied in Mr. Otting’s proposal, publicly and through the OCC’s official public comment process. We thank the House Financial Services Committee for holding this hearing and exercising its important oversight authority with respect to this misguided proposal.” Read entire testimony HERE