Take Action: Community Reinvestment Act
The Office of the Comptroller of the Currency (OCC) released an advance notice of proposed rulemaking (ANPR) seeking public comment on reforming the Community Reinvestment Act (CRA). The CRA is a federal law design to “encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low-and moderate income neighborhoods.”
By weakening the CRA, could reduce banks incentives to continue doing the vitally important work of investing in housing and community development. Because of this, HDC and partners such as NACEDA are encouraging all our members to advocating for “the OCC to withdraw the ANPR and to engage collaboratively with stakeholders to develop a process that will amplify the impact of CRA for those it was intended to benefit, rather than lowering the bar for banks in meeting their statutory obligation.”
before November 19th to address the potential negative impact that the proposed changes could have on the communities we advocate for!