Action Alerts

Defend the Community Reinvestment Act

The Office of the Comptroller of the Currency (OCC) released an Advanced Notice of Public Rulemaking  on the Community Reinvestment Act (CRA). NACEDA and other national advocates are deeply concerned by the direction of the notice, which includes questions almost exclusively oriented toward making regulatory compliance easier for financial institutions, most notably through the overly-simple approach referred to as a one-ratio compliance standard.

The questions miss significant opportunities to enhance the regulation's impact on serving the needs of low- and moderate-income communities. Further, we are concerned by the OCC's decision to act without the participation of the other two bank regulators on CRA: the Federal Reserve and Federal Deposit Insurance Corporation. The three bank regulators have always coordinated with each other on rulemaking for CRA. The OCC's approach ignores over a decade of work on CRA reform by all three regulators, financial institutions, advocates, and community groups.

NACEDA urges every community development organization to write a letter to the OCC. This sample letter from NCRC provides a template. Submit your comments by November 19.