Yesterday, the American Bankers Association (AB), together with several other trade associations, called on the Office of the Comptroller of the Currency (OCC) to withdraw the agency’s Community Reinvestment Act (CRA) rule change made final in May 2020; instead asking for all three banking agencies to work together on new rules.
Jesse Van Tol, CEO of the National Community Reinvestment Coalition (NCRC), made the following statement:
“This has been a bad week for the OCC’s disastrous CRA rule. First, we won our preliminary battle in federal court by demonstrating that we have standing to sue the agency. And now, the trade organizations that represent bankers have also called for the OCC to withdraw its rule.
“I think it is clear what the new Biden Administration must do. Just like other Trump Administration policies that have been rescinded or replaced, it is time to do the same for the OCC’s CRA rule.
“The Federal Reserve has an advanced notice of proposed rulemaking (ANPR) for CRA currently on the table. While we would like to see some aspects of their approach strengthened, we believe the Fed’s ANPR is a good starting point to bring the agencies together and produce a unified rule.”
