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Network Submits Comments on Community Reinvestment Act
Dec.21.2018
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On November 19th, the Network submitted comments on the Community Reinvestment Act (CRA) regulations, in response to an Advanced Notice of Proposed Rulemaking (ANPR) issued by the Office of the Comptroller of the Currency (OCC), one of three federal entities that oversees the program. The CRA was passed in 1977 as a response to redlining, the discriminatory practice of denying investment and mortgage financing opportunities to communities of color. According to the statute, banks are required to meet the credit and deposit needs of the “communities in which they are chartered,” including low- and moderate-income (LMI) neighborhoods. Banks receive a rating based on qualitative and quantitative data in three areas: lending, services, and investment.