Today, the Federal Reserve released Community Reinvestment Act (CRA) data that Governor Lael Brainard promised in January. The Federal Reserve did not join a proposal, published in January, from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to change the rules banks must follow to comply with CRA.
Jesse Van Tol, CEO of NCRC, made the following statement:
“We applaud the Federal Reserve’s release of CRA data. They are practicing transparency and we look forward to fully analyzing the data. We’re also curious what it may reveal or imply about the OCC and FDIC proposal. The OCC and FDIC have failed to release data they referenced in their rule proposal. We’ve filed a freedom of information request to see the data. The OCC and FDIC have asked the public to comment on their proposal but apparently they don’t want the public to see data and analysis that would inform those comments. The OCC and FDIC should follow the example of the Federal Reserve and release their data immediately.”
