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by Sharon Garcia December 18, 2019

(WASHINGTON D.C. & SAN ANTONIO, TX) – Last week, Comptroller of the Currency Joseph Otting proposed to substantially change the Community Reinvestment Act (CRA) regulations.  The CRA is a 1977 federal law passed in response to discrimination or “red-lining” in the banking industry which, for more than forty years, has required banks to responsibly meet the credit needs of low- and moderate-income households in the communities where they do business.

Despite widespread and well-documented concerns from consumer protection advocates, community development practitioners, large portions of the banking industry and Members of Congress, Mr. Otting signed a Notice of Proposed Rulemaking (NPR) that substantially lowers the bar for bank compliance with the CRA.  In recent years, fewer than 4% of banks failed the CRA test and, under Mr. Otting’s proposed rule, it is unlikely that any bank will ever fail.  Prior to becoming Comptroller of the Currency, Mr. Otting served as the CEO of a bank that was among the 4% that failed to comply with the CRA.  Read More

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